Installment loan monthly payment calculator

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.

How to use this installment loan calculator

1. Type in how much you want to borrow under Loan amount.
2. Enter your loan term in years (not months) under the Loan terms field.
3. 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.
4. Click Calculate.
5. 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.

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.
Or check our best picks for installment loans if you’re ready to compare your best options.

Frequently asked questions

• Will installment loans hurt my credit?

  They could. Your credit score may drop if an installment lender does a hard credit check after you apply for a loan. And if you don’t make repayments on time, then your credit score will likely drop substantially as well.

• Is it better to take out a payday loan or an installment loan?

  The general rule of thumb is that payday loans are best if you need to borrow a smaller amount — $500 or less — and can afford to pay it back in less than a month. Meanwhile, an installment loan is better if you need to borrow a larger amount and need more time to pay it off.
  Compare the two with our guide to payday versus installment loans.

• Can I go to jail for not paying an installment loan?

  No. According to federal law, you can’t be sent to jail or prison for unpaid debt. If a debt collector threatens to have you arrested for not making repayments, they’re acting illegally.