Installment Loan Calculator

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Installment Loan Calculator
Its installment loan calculator displays the amount and amount in monthly installment loan payments.


The last update was on Jan 10, 2023

The majority or all of the products we feature are from our partners who compensate us. This affects the products we write about and where and how the product is displayed on the page. However, it does not affect our assessments. Our opinions are our own. Here's a list of and .



A loan is money that you take in a lump sum . You repay in fixed payments over a couple of months or even years. An installment loan calculator can help determine how much the monthly installments could cost.
Make use of this installment loan calculator to calculate the monthly installments based on the loan's annual percentage rate and the term.
How do I use this calculator?
Loan amount ($): Input the amount you plan to borrow, before adding the interest.
Loan term (months) Enter the term of repayment for your loan in months.
The expected APR (%): Enter the amount you are expecting to receive. This is the loan's annual interest rate, as well as any fees charged by the lender.
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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 personalized rate estimates from multiple lenders.


Loan amount
on NerdWallet








What loan rates and terms impact the amount of monthly payments
Your interest rate and loan term directly affect how you will pay for your loan every month.
Here's how:
Rate A higher rate of interest means that you'll have to pay more each month and over the course of your entire interest. For personal loans, many online lenders will allow you find the lowest rate, without impacting your credit score.
Term: Adjusting your loan's repayment term will change your monthly payment, number of payments and total interest. A longer repayment period lowers your monthly payments but increases the cost of interest total.
The types of installment loans
Any loan that you receive in one lump sum and repay in equal bi-weekly or monthly payments is an installment loan. The following loans are all an example of these installment loans.
Personal loans
Unsecured personal loans range from $1000 to $100,000 and have rates that range from 6 to 36%. These loans are repayable over two- to seven-year durations, typically with monthly payments. Most personal loans don't require collateral to guarantee the loan since the lender relies on your financial and credit score to decide whether you qualify.
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Auto loans
Auto loans are usually for the cost of the vehicle you're purchasing, minus your down amount. The rates are typically lower that personal loans and repayment terms can reach seven years, however NerdWallet recommends a timeframe between three and five years. With an auto loan the car serves as the collateral for the loan, meaning the lender has the right to take the vehicle if you fail to pay the loan in full.
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Home equity loans
A home equity loan is a second mortgage that has a fixed interest rate. The amount of the loan is typically as high as 85% the home's value minus what you owe on your first mortgage, and repayment terms could be between 10 and 15 years. The shorter the timeframe and the shorter the term, the less the interest you have to pay. Your home is the collateral for a home equity loan, meaning the lender has the right to use the loan if you fail to pay the loan.
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High-interest installment loans
Some installment loans could have triple-digit rate of rate of interest, making them expensive and difficult to pay. These can be a few hundred dollars, however certain lenders will offer up to 10,000 or even $15,000. The repayment terms range from six months to five years.
High-interest lenders typically don't check your credit or review your expenses and income to determine whether you can repay the loan. Think about this kind of loan as an alternative after you've exhausted all other alternatives.
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Where can you get an installment loan for personal use? loan
Individual installment loans are offered at banks, credit unions , as well as online lenders. They are only available to borrowers who have excellent or good credit, high earnings and low debts however, you are able to get installment loans for people with poor 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 considers the factors we believe to be friendly to consumers, such as the impact on credit score, fees and rates as well as the customer's experience and responsible lending practices.

on the Upgrade's website






$1,000 - $50,000.


8.49% - 35.97% .


2 - 7 years.


NerdWallet's ratings are evaluated by the editorial staff. The scoring formula is based on factors we consider to be beneficial to consumers, including the impact on credit scores, rates and fees, the customer experience and responsible lending practices.

on the LightStream website






$5,000 - $100,000.


6.99% - 23.99% .


2 - 12 years.


The ratings of NerdWallet are based on the opinions of our editorial team. The scoring formula takes into account the factors we believe to be consumer-friendly, including impact to credit score rate and fees, customer experience and ethical lending practices.

on the website of LendingClub.






$1,000 - $40,000.


8.30% - 36.00% .


3 to 5 years old.


The ratings of NerdWallet are based on the opinions of our editorial team. The scoring formula considers aspects we consider to be a good choice for consumers, such as the impact on credit scores rate and fees, customer experience and ethical lending practices.

on Rocket Loans' website






$2,000 - $45,000.


7.73% - 29.99% .


3 to 5 years old.


NerdWallet's ratings are determined by our team of editors. The scoring formula considers factors we consider to be beneficial to consumers, such as the impact on credit scores fees and rates, customer experience and responsible lending practices.

on the secure website of NerdWallet.





$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 consumer-friendly, including impact to credit score, rates and fees as well as the customer's experience and responsible lending practices.

on OneMain Financial's website






1,500 - $20,000.


18.00% - 35.99% .


2 - 5 years.










About the author Annie Millerbernd is an individual loans writer. Her work has appeared on The Associated Press and USA Today.







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