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Installment Loan Amortization & Payment Tool
Installment loans split repayment into equal monthly chunks over a fixed period. You'll type in the amount you want, the annual percentage rate the lender quotes, and how many months you'll take to pay it back. The calculator gives your exact monthly payment, the total interest you'll pay, and a month-by-month table showing how each dollar of your payment covers interest first, then chips away at principal. Your next step: gather quotes from two lenders and plug them in to compare real monthly burdens.
- Monthly payment
- $146.23
- Total interest
- $254.77
- Total to repay
- $1,754.77
Principal and interest only; origination and late fees are not included.
Amortization schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $146.23 | $108.73 | $37.50 | $1,391.27 |
| 2 | $146.23 | $111.45 | $34.78 | $1,279.82 |
| 3 | $146.23 | $114.24 | $32.00 | $1,165.59 |
| 4 | $146.23 | $117.09 | $29.14 | $1,048.49 |
| 5 | $146.23 | $120.02 | $26.21 | $928.48 |
| 6 | $146.23 | $123.02 | $23.21 | $805.46 |
| 7 | $146.23 | $126.09 | $20.14 | $679.36 |
| 8 | $146.23 | $129.25 | $16.98 | $550.12 |
| 9 | $146.23 | $132.48 | $13.75 | $417.64 |
| 10 | $146.23 | $135.79 | $10.44 | $281.85 |
| 11 | $146.23 | $139.18 | $7.05 | $142.66 |
| 12 | $146.23 | $142.66 | $3.57 | $0.00 |
How the payment figure is found
The majority of installment loans are fully amortizing: payments stay level, with each covering that month's interest and a portion of principal. The schedule below shows how early payments lean heavily toward interest while later ones shift toward principal.
Monthly payments are found with the standard annuity formula, using r for the monthly rate (APR ÷ 12) and n for the months. Extending the term drops the payment size but grows the total interest, so compare both before you choose.
Where the loan allows extra principal payments and charges no prepayment penalty, you can shorten the term and save interest. Find out from the lender if origination fees are built into the APR—a fee withheld from the loan amount pushes the real rate up.
r = (APR ÷ 100) ÷ 12Monthly payment M = P × r(1 + r)^n ÷ ((1 + r)^n − 1)Total interest = M × n − P
Installment Loan Payment Calculator: FAQ
How much APR should I expect with an installment loan?
Rates differ by credit and state. Banks and credit unions commonly offer under 18% to borrowers with solid credit, many states enforce a 36% APR cap on small installment loans, and some online lenders set much higher rates where the law does not prevent it.
Does a short term beat a long term, or vice versa?
Shorter terms mean higher monthly payments but lower total interest. Longer terms ease the monthly burden while increasing what you pay overall. Pick the shortest term that still fits your budget.
Can I repay an installment loan before the term ends?
In most cases, yes. Most lenders allow early payoff, and with simple-interest loans you avoid the interest you would have owed. Review your agreement for prepayment penalties.
Does the schedule include fees?
No. The schedule lists only principal and interest. It leaves out origination and late fees; if a fee is removed from the money you receive, your true APR is higher than the rate you entered.