Introduction
This free installment calculator helps you figure out the monthly payment on a loan. Just enter the loan amount, interest rate, and loan term, and the tool does the math for you. It shows how much you will pay each month, how much interest you will owe over time, and when your loan will be fully paid off.
You can also use this calculator the other way around. If you already know how much you can pay each month, it will tell you how long it will take to pay off your loan. The built-in amortization schedule breaks down every single payment so you can see exactly how much goes to principal and how much goes to interest.
Need to pay off your loan faster? Use the extra payments feature to see how adding even a small amount each month can save you money on interest and shorten your loan term. You can also compare two different loan options side by side to find the best deal before you borrow.
How to Use Our Installment Calculator
Enter your loan details below to find out your monthly payment, total interest, and full payoff schedule. The calculator gives you a complete breakdown of every payment from start to finish.
Choose what to solve for. Click "Fixed Term" if you know how long the loan is and want to find your monthly payment. Click "Fixed Payments" if you know how much you can pay each month and want to find how long the loan will take to pay off.
Loan Amount. Type in the total amount of money you are borrowing. This can be any value from $1 up to $9,999,999.
Annual Interest Rate. Enter the yearly interest rate your lender charges. This must be between 0% and 25%. The calculator splits this into a monthly rate for you. If you need help determining your rate, try our interest rate calculator.
Loan Term. If you chose "Fixed Term," type in how long the loan lasts in years or months. You can also drag the slider to pick a length between 3 and 360 months. The years and months fields stay in sync.
Monthly Payment. If you chose "Fixed Payments," type in the amount you plan to pay each month. This must be high enough to cover at least the first month's interest, or the loan will never be paid off.
Payment Timing. Pick when each payment is made. "End of Period" means you pay at the end of each month, which is the standard for most loans. "Start of Period" means you pay at the beginning, which lowers your total interest slightly.
Extra Payments (optional). Click this section to open it. You can add an extra amount to your payment each month, a lump sum once per year, or a single one-time payment. For each option, enter the dollar amount and choose the month and year it starts. These extra payments help you pay off the loan faster and save on interest. For a deeper look at how extra payments impact your loan, see our dedicated early payoff calculator.
Calculate. Press the "Calculate" button to see your results. You will get your monthly payment amount, total interest paid, total cost, payoff date, a principal-vs-interest chart, a rate comparison table, a step-by-step math solution, and a full amortization schedule.
Compare Scenarios. Press the "Compare Scenarios" button to see two loans side by side. Change the loan amount, rate, or term for each scenario to see how they differ in monthly payment, total interest, and payoff date.
Reset. Press the "Reset" button to clear all your inputs and start over with the default values.
What Is an Installment Loan?
An installment loan is money you borrow and pay back in equal monthly payments over a set period of time. Each payment you make covers two things: part of the original amount you borrowed (called the principal) and a fee the lender charges you for borrowing (called interest). Common examples include car loans, personal loans, and student loans.
How Installment Payments Work
When you first start paying, most of your monthly payment goes toward interest. As time goes on, more of your payment goes toward the principal. This shift happens because interest is calculated on the remaining balance, which gets smaller with every payment you make. By the end of the loan, almost all of your payment goes toward paying down what you owe. This process is known as amortization, and you can explore it in detail with our amortization calculator.
How This Installment Calculator Helps
This calculator lets you figure out your loan in two ways. First, you can enter a loan amount, interest rate, and loan term to find out your monthly payment. Second, you can enter a loan amount, interest rate, and a monthly payment you can afford to find out how long it will take to pay off the loan. It also shows you a full payment schedule so you can see exactly how each payment is split between principal and interest. For a broader look at any type of borrowing, you can also try our general loan calculator.
Extra Payments Can Save You Money
Paying even a little extra each month can make a big difference. Extra payments go straight toward your principal, which lowers your balance faster. A lower balance means less interest builds up. This can help you pay off your loan sooner and spend less money overall. The calculator lets you add monthly, yearly, or one-time extra payments so you can see how much time and money you could save. If you are juggling multiple debts and want a strategy to pay them all down, check out our debt snowball calculator or debt avalanche calculator.
Key Terms to Know
- Principal – The original amount of money you borrow.
- Interest Rate – The yearly percentage the lender charges you for borrowing. It is divided by 12 to get the monthly rate. To understand the true cost of borrowing including fees, use an APR calculator.
- Loan Term – The total length of time you have to pay back the loan.
- Amortization Schedule – A table that shows every payment broken down into principal, interest, and remaining balance.
- Annuity Due – When you make your payment at the start of each month instead of the end. This slightly lowers the total interest you pay. For more on annuity math, see our annuity calculator.