Installment Loan Calculator |‌ ACFA

An installment loan allows you to borrow money in one lump sum and then repay it monthly or annual installments. A installment loan calculator that calculates monthly installments can help you determine how much.

This calculator will show you your monthly installments based on the loan’s term and annual percentage rate.

How to use this calculator

Loan amount ($): Please enter the amount you intend to borrow before adding interest.

Est. APR (%): Type the annual percentage rate that you anticipate receiving. This is the interest rate on loan, as well as any fees charged by the lender.

Loan term (years). Enter the loan repayment term in years.

Installment loan calculator

Annual percentage rate

The annual percentage rate is the interest rate plus any fees that you pay on your loan. It is calculated annually and expressed in a percentage. To compare the loan costs of multiple lenders, use the APR.

Origination fee

An origination charge is an upfront, one-time fee that some lenders charge for processing a loan. Lenders typically deduct this fee from the proceeds of your loan. The fee can be anywhere from 1% to 10% of the loan sum.

Ratio of debt-to-income

The debt to income ratio divides the total amount you owe by your gross monthly earnings, giving you a percentage. To assess a borrower’s ability to repay a loan, lenders use DTI along with credit history.

Soft credit checks

Lenders who offer pre-qualification often use a soft credit check. This allows you to see the rates and terms you are eligible for without affecting your credit score. The lender will verify your information if you accept the loan offer. Hard checks can lower your credit score by a few points.

What loan terms and rates impact monthly payments

How much you pay each month towards your loan will directly depend on how high your interest rate is and the length of your loan. Here are some ways to do it:

Rate Higher interest rates mean you will pay more per month and total interest. Many online lenders allow you to pre-qualify for personal loans. This will ensure that your credit score is not affected.

Term Modifying the loan’s repayment terms will affect your monthly payment, total interest, and some payments. The actual interest cost will increase if you have a longer repayment term. However, your monthly payments will be lower if you have a longer-term.

Where can I get an installment loan?

Online lenders, banks, and credit unions offer personal installment loans. The highest loan rates are for borrowers who have good credit or excellent credit and high incomes. However, you can still get installment loans for those with bad credit.


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