Installment Loan Calculator

This installment loan calculator shows the number and amount of monthly installment loan payments.
Annie MillerberndAug 30, 2021

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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.

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

Annual percentage rate is the interest rate on your loan plus all fees, calculated on an annual basis and expressed as a percentage. Use the APR to compare loan costs from multiple lenders.

An origination fee is a one-time, upfront fee that some lenders charge for processing a loan. The fee can range from 1% to 10% of the loan amount, and lenders typically deduct it from your loan proceeds.

The debt-to-income ratio divides your total monthly debt payments by your gross monthly income, giving you a percentage. Lenders use DTI — along with credit history and other factors — to evaluate a borrower's financial ability to repay a loan.

Lenders that offer pre-qualification typically do so using a soft credit check, which allows you to see rates and terms you qualify for without affecting your credit score. If you accept the loan offer, the lender will perform a hard check to confirm your information. Hard checks knock a few points off your credit score.

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

Lender

Loan amount

Est. APR

Repayment terms

Upgrade
NerdWallet rating 

on Upgrade's website

$1,000 - $50,000

5.94% - 35.47%

2 to 7 years

Upstart
NerdWallet rating 

on Upstart's website

$1,000 - $50,000

5.38% - 35.99%

3 or 5 years

OneMain
NerdWallet rating 

on OneMain Financial's website

$1,500 - $20,000

18.00% - 35.99%

2 to 5 years

Universal Credit
NerdWallet rating 

on Universal Credit's website

$1,000 - $50,000

8.93% - 35.43%

3 or 5 years

Oportun
NerdWallet rating 

on Oportun's website

$300 - $10,000

27.74% - 35.95%

6 to 46 months

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