Installment Loan Calculator

This installment loan calculator shows the number and amount of monthly installment loan payments.
Last updated on Jan 10, 2023

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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.

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

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

Installment loan calculator

See if you pre-qualify for a personal loan – without affecting your credit score
Just answer a few questions to get personalized rate estimates from multiple lenders.

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.

Types of installment loans

Any loan you get in a lump sum and repay in equal bi-weekly or monthly payments is an installment loan. The following loans are all examples of installment loans.

Personal loans

Unsecured personal loans are from $1,000 to $100,000 and have rates from 6% to 36%. These loans are repaid over two- to seven-year terms, often in monthly installments. Most personal loans don’t require collateral to secure the loan because the lender uses your credit and financial information to decide whether you qualify.

Auto loans

Auto loans are usually for the cost of the vehicle you’re purchasing, minus your down payment. Rates are generally lower than personal loans and repayment terms can reach seven years, but NerdWallet recommends a term between three and five years. With an auto loan, the vehicle is collateral for the loan, meaning the lender can take the car if you don’t make payments.

Home equity loans

A home equity loan is a second mortgage with a fixed interest rate. Loan amounts are usually up to 85% of your home’s value minus what you owe on the first mortgage, and repayment terms can be 10 or 15 years. The shorter the term, the less interest you pay. Your home is collateral for a home equity loan, meaning the lender can take it if you don’t make payments.

High-interest installment loans

Some installment loans can have triple-digit interest rates, which makes them expensive and difficult to repay. These high-interest loans can be a few hundred dollars, but some lenders offer as much as $10,000 or $15,000. Repayment terms span from six months to five years. 

High-interest lenders typically don’t check your credit or review your income and expenses to determine whether you can repay the loan. Consider this type of loan as a last resort when you’ve exhausted all other options.

Where to get a personal 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 loan lenders

Lender

Loan amount

Est. APR

Repayment terms

Upgrade
NerdWallet rating 

on Upgrade's website

$1,000 - $50,000.

7.96% - 35.97%.

2 - 7 years.

Lightstream
NerdWallet rating 

on LightStream's website

$5,000 - $100,000.

6.99% - 23.99%.

2 - 12 years.

Lending Club
NerdWallet rating 

on LendingClub's website

$1,000 - $40,000.

8.30% - 36.00%.

3 or 5 years.

RocketLoans
NerdWallet rating 
See my rates

on NerdWallet's secure website

$2,000 - $45,000.

7.73% - 29.99%.

3 or 5 years.

First Tech Credit Union Personal Loan
NerdWallet rating 
See my rates

on NerdWallet's secure website

$500 - $50,000.

6.70% - 18.00%.

2 - 7 years.

OneMain
NerdWallet rating 

on OneMain Financial's website

1,500 - $20,000.

18.00% - 35.99%.

2 - 5 years.

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