Installment Loan Calculator

Use an installment loan calculator to determine the amount you'll pay each month toward an installment loan.
Annie Millerbernd
By Annie Millerbernd 
Updated
Edited by Kim Lowe

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

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 will be.

Use this installment loan calculator to see your monthly payments based on the loan's interest rate and term.

How to use this calculator

Loan amount ($): Enter the amount of money you plan to borrow.

Interest rate (%): Enter your expected interest rate. Your rate is based primarily on your credit and financial profiles. Borrowers with good credit and little existing debt are likely to get the lowest rates.

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

Start date (mm/yyyy): Enter the date you expect to make your first loan payment. This is typically 30 days after your loan is funded.

Installment loan calculator

Loan details

2024

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

How will origination fees be paid?
How are origination fees calculated?
Your loan estimate
Monthly payment

$212.47

Total principal
$10,000

Total interest payments
$2,748.23

Total loan payments
$12,748.23

Payoff date
03 / 2029

2024

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Payment datePrincipalInterestMonthly paymentPrincipal balance
Mar 2024$129.14$83.33$212.47$9,870.86
Apr 2024$130.21$82.26$212.47$9,740.65
May 2024$131.30$81.17$212.47$9,609.35
Jun 2024$132.39$80.08$212.47$9,476.96
Jul 2024$133.50$78.97$212.47$9,343.46
Aug 2024$134.61$77.86$212.47$9,208.85
Sep 2024$135.73$76.74$212.47$9,073.12
Oct 2024$136.86$75.61$212.47$8,936.26
Nov 2024$138.00$74.47$212.47$8,798.26
Dec 2024$139.15$73.32$212.47$8,659.11
Jan 2025$140.31$72.16$212.47$8,518.80
Feb 2025$141.48$70.99$212.47$8,377.32
Mar 2025$142.66$69.81$212.47$8,234.66
Apr 2025$143.85$68.62$212.47$8,090.81
May 2025$145.05$67.42$212.47$7,945.76
Jun 2025$146.26$66.21$212.47$7,799.51
Jul 2025$147.47$65.00$212.47$7,652.03
Aug 2025$148.70$63.77$212.47$7,503.33
Sep 2025$149.94$62.53$212.47$7,353.39
Oct 2025$151.19$61.28$212.47$7,202.20
Nov 2025$152.45$60.02$212.47$7,049.74
Dec 2025$153.72$58.75$212.47$6,896.02
Jan 2026$155.00$57.47$212.47$6,741.02
Feb 2026$156.30$56.18$212.47$6,584.72
Mar 2026$157.60$54.87$212.47$6,427.12
Apr 2026$158.91$53.56$212.47$6,268.21
May 2026$160.24$52.24$212.47$6,107.98
Jun 2026$161.57$50.90$212.47$5,946.41
Jul 2026$162.92$49.55$212.47$5,783.49
Aug 2026$164.27$48.20$212.47$5,619.22
Sep 2026$165.64$46.83$212.47$5,453.57
Oct 2026$167.02$45.45$212.47$5,286.55
Nov 2026$168.42$44.05$212.47$5,118.13
Dec 2026$169.82$42.65$212.47$4,948.31
Jan 2027$171.23$41.24$212.47$4,777.08
Feb 2027$172.66$39.81$212.47$4,604.42
Mar 2027$174.10$38.37$212.47$4,430.32
Apr 2027$175.55$36.92$212.47$4,254.76
May 2027$177.01$35.46$212.47$4,077.75
Jun 2027$178.49$33.98$212.47$3,899.26
Jul 2027$179.98$32.49$212.47$3,719.28
Aug 2027$181.48$30.99$212.47$3,537.81
Sep 2027$182.99$29.48$212.47$3,354.82
Oct 2027$184.51$27.96$212.47$3,170.31
Nov 2027$186.05$26.42$212.47$2,984.25
Dec 2027$187.60$24.87$212.47$2,796.65
Jan 2028$189.17$23.31$212.47$2,607.49
Feb 2028$190.74$21.73$212.47$2,416.75
Mar 2028$192.33$20.14$212.47$2,224.42
Apr 2028$193.93$18.54$212.47$2,030.48
May 2028$195.55$16.92$212.47$1,834.93
Jun 2028$197.18$15.29$212.47$1,637.75
Jul 2028$198.82$13.65$212.47$1,438.93
Aug 2028$200.48$11.99$212.47$1,238.45
Sep 2028$202.15$10.32$212.47$1,036.30
Oct 2028$203.83$8.64$212.47$832.47
Nov 2028$205.53$6.94$212.47$626.93
Dec 2028$207.25$5.22$212.47$419.69
Jan 2029$208.97$3.50$212.47$210.71
Feb 2029$210.71$1.76$212.47$0.00
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.

on NerdWallet

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:

Interest rate: A higher interest rate means your monthly payments will be higher and you’ll pay more in total interest. Many online lenders let you pre-qualify for a personal loan 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 about 6% to 36%. Loan terms are usually two to seven years, and payments are often made 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 no longer than five years. With an auto loan, the vehicle is collateral, meaning the lender can take the car if you miss 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. Repayment terms are typically no longer than 15 years. Your home is collateral for a home equity loan, meaning the lender can take it if you don’t make payments.

Buy now, pay later loans

“Buy now, pay later” companies offer low- or no-interest financing on purchases made in-store or online. These payment plans are structured as installment loans. The BNPL app effectively provides a small, short-term loan that you repay in four equal, bi-weekly payments, the first of which is due at the time of purchase.

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 may not check your credit or review your income and expenses to determine whether you can repay the loan. Consider this type of loan 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 (690 score or higher), high incomes and little existing debt, but you can still find installment loans for bad credit (scores below 630).

Personal loans from our partners

SoFi logo
Check Rate

on SoFi

SoFi

5.0

NerdWallet rating 
SoFi logo

5.0

NerdWallet rating 
APR 

8.99- 29.99%

Loan amount 

$5K- $100K

Check Rate

on SoFi

Avant logo
Check Rate

on Avant

Avant

4.0

NerdWallet rating 
Avant logo

4.0

NerdWallet rating 
APR 

9.95- 35.99%

Loan amount 

$2K- $35K

Check Rate

on Avant

BestEgg logo
Check Rate

on Best Egg

Best Egg

4.5

NerdWallet rating 
BestEgg logo

4.5

NerdWallet rating 
APR 

8.99- 35.99%

Loan amount 

$2K- $50K

Check Rate

on Best Egg

Discover logo
Check Rate

on Discover

Discover

5.0

NerdWallet rating 
Discover logo

5.0

NerdWallet rating 
APR 

7.99- 24.99%

Loan amount 

$2.5K- $40K

Check Rate

on Discover

Happy Money logo
Check Rate

on Happy Money

Happy Money

4.5

NerdWallet rating 
Happy Money logo

4.5

NerdWallet rating 
APR 

11.72- 17.99%

Loan amount 

$5K- $40K

Check Rate

on Happy Money

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.

on NerdWallet

Comparing options? 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.

on NerdWallet

Get more smart money moves – straight to your inbox
Sign up and we’ll send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money.