- The total interest matters more than the monthly payment.
- A longer term lowers the payment but usually raises the total cost.
- For single-payment payday loans, use our payday loan calculator instead.
Loan payment calculator
Estimate for a fixed-rate loan with equal monthly payments. Fees not included in the APR, late fees and insurance products are not included. Your lender’s Truth in Lending disclosure shows the exact figures.
How APR and term change the cost of $1,000
| APR | 6 months | 12 months | 24 months |
|---|---|---|---|
| 18% (credit union / good credit) | $53 interest | $100 interest | $198 interest |
| 28% (credit union PAL cap) | $83 | $158 | $317 |
| 36% (common state cap) | $108 | $206 | $417 |
| 99% | $308 | $613 | $1,327 |
| 160% (bad-credit installment) | $515 | $1,058 | $2,367 |
At high APRs, stretching the term can make the interest larger than the amount borrowed. If you take a high-APR loan, paying it off early (with no prepayment penalty) saves the most.
Need $100–$1,000 before payday?
- One free request, many lenders
- Bad credit and benefit income considered by many lenders
- See the APR and total cost before you sign
PaydayEase is not a lender. Requests go to lenders in our network; approval, rates and terms are set by the lender. Rates & fees
How to use the calculator well
- Use the APR, not the interest rate. APR includes most fees and is required on every loan disclosure under the Truth in Lending Act.
- Compare the same amount and term across offers.
- Check affordability. Make sure the monthly payment fits alongside rent, food and utilities, not just this month but every month of the term.
Which calculator fits your loan?
| Loan type | Use |
|---|---|
| Installment, personal, debt consolidation, PAL | This calculator |
| Payday loan (one payment) | Payday loan APR calculator |
| Cash advance app | Treat fees as a payday-style cost: fee ÷ amount × 365 ÷ days |
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
How is a monthly loan payment calculated?
For a fixed-rate installment loan, the payment is set so equal monthly payments repay the principal plus interest over the term. The calculator uses the standard amortization formula.
Does a longer loan term save money?
It lowers the monthly payment but usually increases the total interest you pay, especially at high APRs.
What APR should I enter?
The APR shown on your loan offer or Truth in Lending disclosure. It includes most fees, so it reflects the true cost better than the interest rate alone.