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Installment loan monthly payment calculator
Find out if you can afford to take out that short-term loan.
Updated
When your credit prevents you from qualifying for a traditional personal loan, an installment loan might be your only option when you need money fast. But with APRs in the triple digits, it can mean paying back double or even triple what you borrowed.
Before taking out an installment loan, use our calculator to ensure you can afford the monthly repayments. If not, you might want to continue comparing lenders to find one that better fits your budget.
Installment loan repayment calculator
See how much you'll pay| Your loan |
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| Loan amount |
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$
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| Loan terms (in years) |
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| Interest rate |
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$
%
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Fill out the form and click on “Calculate” to see your estimated monthly payment.
or
Compare installment loansBased on your loan terms...
You can expect to pay back $ per monthThis breaks down to...
$ in principal and $ in interest charged, with a total cost of $ Compare installment loansHow to use this installment loan calculator
- Type in how much you want to borrow under Loan amount.
- Enter your loan term in years (not months) under the Loan terms field.
- Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. If your loan does come with fees, enter the annual percentage rate (APR), which includes interest and fees combined.
- Click Calculate.
- Review your results.
Not only will our calculator show you how much you’ll pay each month, but also how much you’ll pay in interest over your entire loan term.
Compare installment loans
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Bottom line
When you’re in a tight spot and need money fast, knowing how much you’ll pay both monthly and overall is crucial when picking an installment loan you can afford. You can learn more about how to compare lenders with our guide to installment loans.
Need to calculate something different? Check out our full list of personal finance calculators.
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