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Installment Loan Calculator: See Your Monthly Payments – NerdWallet

An installment loan is money you borrow in a lump sum and repay in fixed payments over a few months or years. An installment loan calculator can help you see how much those monthly payments might be.

Use this installment loan calculator to see your monthly payments based on the loan’s annual percentage rate and term.

How to use this calculator

Loan amount ($): Enter the amount of money you plan to borrow, before adding interest.

Est. APR (%): Enter the annual percentage rate you expect to receive. This is the loan’s interest rate, plus any fees the lender charges.

Loan term (years): Enter the loan’s repayment term in years.

Installment loan calculator

Key terms to know about personal loans

How loan terms and rates affect monthly payments

Your interest rate and loan term directly affect how much you pay toward your loan each month. Here’s how:

Rate: A higher interest rate means you’ll pay more each month and in total interest. With personal loans, many online lenders let you pre-qualify to find the lowest rate without affecting your credit score.

Term: Adjusting the loan’s repayment term will change your monthly payment, number of payments and total interest. A longer repayment term lowers your monthly payments but increases the total interest cost.

Where to get an installment loan

Personal installment loans are available at banks, credit unions and online lenders. The best loan rates are reserved for borrowers with good or excellent credit, high incomes and little existing debt, but you can still find installment loans for bad credit.

Installment loans for bad credit

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