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Installment loan monthly payment calculator

Find out if you can afford to take out that short-term loan.

Ezra Wolfgang's headshot

By

Ezra Wolfgang

Updated

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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
Loan amount
$
Loan terms (in years)
Interest rate
%
Calculate

Fill out the form and click on “Calculate” to see your estimated monthly payment.

or

Compare installment loans
You can expect to pay back $ per month
Based on your loan terms
Principal $
Interest $
Total Cost $

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

Ezra Wolfgang's headshot
Written by

Graduate publisher

Ezra Wolfgang was a video producer at Finder, helping people compare providers to choose the best for their needs. Prior to joining Finder, Ezra interned on the assignment desk at ABC News in New York, where he helped find, develop and write breaking news stories. Ezra earned a BA in media studies from Hunter College, taking a healthy dose of courses in film and documentary production, print and digital reporting and studio television. In his spare time, Ezra goes on the occasional run, takes photos, writes scripts and shoots his own tiny, short films. See full bio

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