Installment Loan Calculator

Use our free installment loan calculator to determine your monthly payment for any fixed-rate installment loan. See total interest paid and effective APR including any origination fees.

Financial

Currency

Loan Amount

Annual Interest Rate (%)

Loan Term (months)

months

Origination Fee

Formula

An installment loan is repaid in fixed monthly payments over a set period. This calculator shows your monthly payment, total interest cost, and effective APR including any fees.

M = P x r(1+r)^n / ((1+r)^n - 1); APR = (Total payments + fees - P) / P / years x 100

Percentage: The percentage value you want to apply

Number: The original number or value

Result: The calculated result

How It Works

1Enter the loan amount you want to borrow.
2Enter the annual interest rate (APR).
3Enter the loan term in months.
4Add any origination fees for an accurate effective APR.

Examples

$15,000 at 8% APR over 60 months

1.Monthly rate: 8%/12 = 0.667%
2.Payment: $15,000 x 0.00667 / (1-(1.00667)^-60)
3.Monthly payment: $304.15
4.Total paid: $18,249, Interest: $3,249

Result: $304.15/month

Frequently Asked Questions

The interest rate is what you pay on the principal. APR includes the interest rate plus fees like origination fees, giving a more complete cost picture.

Most installment loans allow early payoff without penalty, but check your loan agreement. Some loans have prepayment penalties.

Longer terms mean lower monthly payments but more total interest. Shorter terms mean higher payments but less total interest paid.

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Understanding Installment Loans

CalculateMe Team

Last updated: 2026-07-17

Frequently Asked Questions

The interest rate is what you pay on the principal. APR includes the interest rate plus fees like origination fees, giving a more complete cost picture.

Most installment loans allow early payoff without penalty, but check your loan agreement. Some loans have prepayment penalties.

Longer terms mean lower monthly payments but more total interest. Shorter terms mean higher payments but less total interest paid.

Installment Loan Calculator

Formula

How It Works

Examples

$15,000 at 8% APR over 60 months

Frequently Asked Questions

What is the difference between APR and interest rate?

Can I pay off an installment loan early?

How does loan term affect payments?

Related Calculators

Related Articles

Installment Loan Calculator

Formula

How It Works

Examples

$15,000 at 8% APR over 60 months

Frequently Asked Questions

What is the difference between APR and interest rate?

Can I pay off an installment loan early?

How does loan term affect payments?

Related Calculators

Related Articles