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Installment Calculator for Loans

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Installment Calculator for Loans
This installment loan calculator shows the number and the amount in monthly installment loan payments.


Updated on January 10 2023.

A majority of the products featured here are provided by our partners who compensate us. This impacts the types of products we review as well as the place and way the product is displayed on a page. But, it doesn't influence our opinions. Our opinions are entirely our own. Here's a list and .



An installment loan is when you borrow money in a lump sum and make repayments in fixed monthly installments over a couple of months or years. An installment loan calculator will help you estimate how much your monthly payments might be.
Utilize this installment loan calculator to estimate your monthly payments based upon the loan's annual percentage rate and the term.
How do I use this calculator?
Amount of loan ($): Enter the amount you're planning to borrow before you add interest.
Loan term (months) Enter the loan's repayment period in months.
Expected APR (%): Enter the APR you expect to receive. This is the loan's interest rate, as well as any fees the lender charges.
>> MORE:
Installment loan calculator
See if you pre-qualify for an individual loan without impacting your credit score
Simply answer a few questions to get personalized rate estimates from multiple lenders.


The amount of the loan
on NerdWallet








How do loan terms and rates affect the monthly payment
Your interest rate and loan time frame directly impact the you are charged for your loan each month.
Here's how:
Rate Higher interest rates means you'll have to pay more each month, and in total interest. When it comes to personal loans, many online lenders let you find the lowest rate, without impacting your score on credit.
Term: Adjusting the terms of your loan's repayment can alter the amount of your monthly payments, the number of payments and total interest. A longer repayment timeframe reduces the monthly payment, but it increases the total cost of interest.
Different types of installment loans
Any loan you get in one lump sum and repay it in bi-weekly, or monthly installments are considered to be the term used to describe an installment loan. The following loans are instances of installment loans.
Personal loans
Personal loans range from $1000 to $100,000 and come with rates that range from 6 to 36 percent. These loans are repayable over twoto seven-year terms, often with monthly payments. Most personal loans don't require collateral in order to secure the loan since the lender will use your financial and credit history to determine if you are eligible.
>> MORE:
Auto loans
Auto loans typically cover the price of the car you're purchasing, minus your down amount. They generally have lower rates that personal loans and repayment terms can extend to seven years. However, NerdWallet recommends a term that is between 3 and 5 years. With an auto loan, the vehicle is collateral for the loan and the lender has the right to take the car if you don't make payments.
>> MORE:
Home equity loans
An equity home loan is a second mortgage with a fixed interest rate. Loan amounts are usually between 85% and 85% of the home's worth less the amount you owe on your first mortgage. Repayment terms can be 10 or 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 make your payments.
>> MORE:
High-interest installment loans
Some installment loans could have triple-digit rate of interest rates, making them expensive and hard to repay. It could be as little as a couple of hundred dollars, however some lenders provide as much as $10,000 or $15,000. Repayment terms span from six months to five years.
The majority of high-interest lenders don't look at your credit score or scrutinize your expenses and income to determine whether you can repay the loan. Consider this type of loan as an option last resort after having exhausted all other alternatives.
>> MORE:
Where can you get an installment personal loan
Personal installment loans are offered at banks as well as credit unions, and online lenders. They are only available to borrowers with excellent or excellent credit, high earnings and low debts however, you are able to locate installment loans for people with poor credit.
Installment loan lenders
Lender



The loan amount



Est. APR



Repayment terms



NerdWallet's ratings are determined by our team of editors. The scoring formula considers the factors we believe to be beneficial to the consumer, including impact on credit score, rates and fees, customer experience and responsible lending practices.

on Upgrade's website






$1,000 - $50,000.


8.49% - 35.97% .


2 - 7 years.


The ratings of NerdWallet are based on the opinions of our team of editors. The scoring formula takes into account the factors we believe to be beneficial to consumers, including the impact on credit score, rates and fees, the customer experience and ethical lending practices.

on the website of LightStream.






$5,000 - $100,000.


6.99% - 23.99% .


2 - 12 years.


NerdWallet's ratings are determined by the editorial staff. The scoring formula is based on the factors we believe to be a good choice for consumers, such as the impact on credit score, rates and fees, customer experience and ethical lending practices.

on the LendingClub website.






$1,000 - $40,000.


8.30% - 36.00% .


3 or 5 years.


The ratings of NerdWallet are based on the opinions of our editorial team. The scoring formula takes into account factors we consider to be a good choice for consumers, such as impact to credit score rates and fees, customer experience and responsible 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 editorial team. The scoring formula takes into account factors we consider to be consumer-friendly, including impact to credit score fees and rates as well as the customer's experience and responsible lending practices.

on NerdWallet's secure site





$500 - $50,000.


6.70% - 18.00% .


2 - 7 years.


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

on the OneMain Financial website.






1,500 - $20,000.


18.00% - 35.99% .


2 - 5 years.










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







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