Installment Loan Calculator

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Installment Loan Calculator
Its installment loan calculator shows the number and amount for monthly installment loan payments.


Last updated on Jan 10, 2023

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A loan is money that you take in a lump sum . You repay in fixed payments over a period of a few months or even years. An installment loan calculator can help you estimate how much your monthly installments could cost.
Utilize this installment loan calculator to estimate the monthly installments based on the loan's annual percentage rate and duration.
How to use this calculator
The amount of the loan ($): Enter the amount of money you intend to borrow before adding the interest.
Terms of the loan (months) Input the term of repayment for your loan in months.
Estimated Annual APR (%): Enter the amount you expect to receive. This is the loan's interest rate, and any charges the lender may charge.
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Installment loan calculator
Check if you are pre-qualified for an individual loan and it will not affect your credit score
Answer a few simple questions to get an estimate of your personal rate from a variety of lenders.


The amount of the loan
on NerdWallet








How loan rates and terms impact the monthly payment
The rate of interest you pay and the loan duration directly impact how you will pay for your loan each month.
Here's how:
Rate: A higher interest rate means you'll be paying more every month and in total interest. For personal loans numerous online lenders allow you choose the cheapest rate, without impacting your credit score.
Term: Adjusting your terms of your loan's repayment can alter your monthly payment, number of payments , and the total amount. A longer repayment period lowers your monthly payments , however it will increase the cost of interest total.
The types of installment loans
Any loan you get in one lump sum and pay back in bi-weekly or monthly installments are considered to be an installment loan. This list of loans are all examples of installment loans.
Personal loans
Unsecured personal loans are from $1,000 to $100,000 and have rates from 6 to 36%. These loans are repayable over twoto seven years durations, typically in monthly installments. The majority of personal loans do not require collateral to secure the loan because the lender uses your financial and credit score to determine whether you're eligible.
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Auto loans
Auto loans typically cover the cost of the vehicle you're buying, less your down amount. The rates are typically lower as compared to personal loans and the repayment period can be as long as seven years, but NerdWallet recommends a term between three and five years. With an auto loan the car is the collateral for the loan and the lender has the right to take the vehicle if you fail to make the required payments.
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Home equity loans
A home equity loan is a type of second mortgage that has a fixed interest rate. The amount of the loan is typically up to 85% of the home's value minus what you owe on your first mortgage, and repayment terms can be 10 or 15 years. The shorter the term and the shorter the term, the less the interest you have to have to pay. Your home is the collateral for an equity home loan which means that the lender is able to take it if you don't pay the loan.
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High-interest installment loans
Certain installment loans can have triple-digit interest rates, which makes them expensive and hard to pay. They can range from a few hundred dollars, though certain lenders will offer up to 10,000 or even $15,000. Repayment terms vary from six months to five years.
The majority of high-interest lenders don't look at your credit or look over your income and expenses in order to determine if you're able repay the loan. You should think about this type of loan as an alternative after you've exhausted all other alternatives.
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How do I obtain an installment loan for personal use? loan
Personal installment loans are offered at banks as well as credit unions, and online lenders. They are only available to borrowers with good or excellent credit, high earnings and low debts however, you are able to locate installment loans for those with bad credit.
Installment loan lenders
Lender



The amount of the loan



Est. APR



Repayment conditions



NerdWallet's ratings are determined by our editorial team. The scoring formula takes into account aspects we believe are consumer-friendly, including impact to credit score, rates and fees customers' experience, and ethical lending practices.

on the Upgrade's website






$1,000 - $50,000.


8.49% - 35.97% .


2 - 7 years.


NerdWallet's ratings are evaluated by our team of editors. The scoring formula is based on the factors we believe to be a good choice for consumers, such as impact to credit score rates and fees, the customer experience and responsible lending practices.

on the website of LightStream.






$5,000 - $100,000.


6.99% - 23.99% .


2 - 12 years.


NerdWallet's ratings are evaluated by the editorial staff. The scoring formula takes into account aspects we consider to be consumer-friendly, including the impact on credit scores fees and rates, customer experience and ethical lending practices.

on the website of LendingClub.






$1,000 - $40,000.


8.30% - 36.00% .


3 or 5 years.


NerdWallet's ratings are evaluated by our team of editors. The scoring formula takes into account aspects we consider to be consumer-friendly, including the impact on credit score rates and fees, the customer experience and ethical lending practices.

on the Rocket Loans' website






$2,000 - $45,000.


7.73% - 29.99% .


3 or 5 years.


The NerdWallet ratings are decided by our team of editors. The scoring formula takes into account aspects we consider to be a good choice for consumers, such as impact to credit score, rates and fees customers' experience, and ethical lending practices.

on NerdWallet's secure site





$500 - $50,000.


6.70% - 18.00% .


2 - 7 years.


NerdWallet's ratings are evaluated by our editorial team. The scoring formula considers factors we consider to be friendly to consumers, such as the impact on credit score, rates and fees, customer experience and ethical lending practices.

on OneMain Financial's website






1,500 - $20,000.


18.00% - 35.99% .


2 - 5 years.










About the author: Annie Millerbernd is a personal loans writer. Her writing has been featured in The Associated Press and USA Today.







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