Finance 101
Installment Loan Calculators
Many of us are familiar with installment loans. While loan terms can vary a lot, installment loans come down to this: you borrow a lump sum of money and pay it back over time.
An installment loan payoff calculator can help you calculate installment loan payoff dates and understand the costs involved with different loans. A calculator may help you compare loans if you are shopping for the best overall deal.
How are installment loans calculated? Most installment loan calculators factor in the loan amount, the loan term (time period), and the APR (annual percentage rate) you have (or expect to get). You can find a range of these calculators online. Some may also request additional information, like the date you expect your loan to start.
In this post, we’ll talk about these installment loan payment calculators and how to use them, how rates and terms can affect your payments, and more.
How to use an installment loan calculator?
Most installment loan calculators are very simple to use. They work like other calculators you may have seen online, like calculators for auto loans.
It’s easy to find a monthly installment calculator. You can search online for “installment loan calculator online,” “Fixed installment loan calculator,” “installment loan payoff calculator,” “how to calculate installment of a loan” and similar terms to find a calculator. It’s a good idea to try more than one.
You begin by filling in the “form” with the information requested: usually the total borrowed amount, the term of the loan, and the interest rate or APR. Pay attention to the interest rate – it is not the same as the APR, and the two can’t be used interchangeably.
Once your information is entered and you’ve run the calculator, it should show you the estimated monthly payment, the total principal paid and the total interest paid. Some calculators will also show you an estimated total amount paid, which is the principal + interest. You may also see an estimated payoff date with some calculators.
If you are looking for particular information, like a payoff date, search until you find a calculator that includes that information for you. Just be sure it is from a reputable source. It’s also a good idea to verify the results by trying more than one calculator and comparing the numbers.
While your interest rate is the percentage of interest you pay on a loan, your APR includes your interest rate along with any other fees or expenses you'll pay your lender. Some of the most common additional fees are brokerage fees, private mortgage insurance and discount points.
How loan terms and rates affect monthly payments
Both the term of the loan and the interest rate will impact the monthly payments.
An increase in the term of the loan will affect the monthly payment amount, the total you pay over the period of the loan, and the total number of payments. If you increase the term of the loan you can lower the monthly payments. But beware – this may raise the amount you pay in interest. This is because you’re borrowing the money for a longer period of time.
An increase in the interest rate means you’ll pay more in total and each month. This is why it’s so important to pre-qualify for several loans so you can compare interest rates and choose the best loan for your needs.
FAQs: Installment Loan Calculator
How to get a personal installment loan?
What are the types of installment loans?
How are monthly payments calculated with APR?
While your interest rate is the percentage of interest you pay on a loan, your APR includes your interest rate along with any other fees or expenses you'll pay your lender. For more on APR, see our blog post on How To Calculate The Cost Of An Installment Loan: Understanding Apr And Fees.
Editorial Policy: The information contained in Check `n Go’s Finance Academy Learning Center is for educational purposes only and is not legal advice. You should consult your own attorney or seek specific advice from a legal professional regarding any legal issues. Check `n Go does not act as a credit counseling, repair service, or debt consolidation service in providing this content. Please understand that Check `n Go policies change over time. Blog posts reflect Check `n Go policy at the time of writing. While maintained for your information, archived posts may not reflect current Check `n Go policy.
The information contained in our blog posts are the author’s own opinions, not those of Check `n Go or any other company. Any pros and cons are developed by our editorial team based on independent research. Some of the products, services, and offers on this page may not be available from Check `n Go. In Texas only: Check `n Go does not act as a credit services organization in providing this content.
Connect with us:
Loans Rates and Terms by State
Select your state below to view important rates, terms, and disclosures unique to the state.
Online Disclosures
Customer Notice: Payday Loans are typically for two- to four-week terms. Some borrowers, however, use Payday Loans for several months, which can be expensive. Payday Loans (also referred to as Payday Advances, Cash Advances, Deferred Deposit Transactions/Loans) and high-interest loans should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction. See State Center for specific information and requirements.
California operations licensed by the California Department of Financial Protection and Innovation pursuant to the California Deferred Deposit Transaction Law. Texas loans originated by a third-party lender, restrictions apply. Eastern Specialty Finance, Inc., D/B/A Check ‘n Go is licensed by the Delaware State Bank Commissioner pursuant to 5 Del. C. sec. 2201 et. al.
Check `n Go Online is not a direct lender in Texas, where instead it acts in the capacity as a Credit Services Organization in conjunction with third-party lenders.
*Active checking account open for at least 30 days.
*Approval depends upon meeting legal, regulatory and underwriting requirements. If approved and originated by 8:00 pm ET on a business day, online loans are typically funded no later than the following business day. All times and dates are based on Eastern Time (ET). Check `n Go and third-party lenders may, at their discretion, verify application information by using national databases that may provide information from one or more national credit bureaus, and Check `n Go or third-party lenders may take that into consideration in the approval process.
**Transunion CreditView Dashboard is a third party provided service. The material has not been modified or validated by Check `n Go.
Payday Loans in Indiana are available for a maximum of $660 for online loans
We do not report credit in Texas.
Products or services offered to customers may vary based on customer eligibility and applicable state or federal law. All available products subject to applicable lender’s terms and conditions. Actual loan amounts vary. See State Center for specific information and requirements.
Check `n Go currently operates online in: Alabama, California, Delaware, Florida, Idaho, Indiana, Kansas,, Michigan, Missouri, South Carolina, Texas, Utah, and Wisconsin.
Check `n Go currently operates in store locations in: Alabama, Delaware, Idaho, Michigan, Missouri, Oklahoma, South Carolina, Texas, Utah, and Wisconsin.
The Company, individually or through its affiliates, is licensed as a Debt Collector by the California Department of Financial Protection and Innovation (DFPI), License Number 10435-99.
Notice to California consumers: Information on your privacy rights under the California Consumer Privacy Act can be found by clicking here.