Installment Loan Calculator: Monthly Payments by APR

Above the payday ceiling, credit is priced in APR and repaid in fixed monthly payments, and that is the structure this calculator prices. Enter the amount, the APR, and the term in months. The payment comes from the standard amortization formula; the total of payments and the interest show what the borrowing costs end to end.

The defaults hold a worked example: $1,300 at 130% APR over six months produces a $305.82 monthly payment and $1,834.89 total, of which $534.89 is interest. Cut the APR to 36% and the payment falls to $240 with $1,440 total. Same principal, same term; the APR is the entire difference, which is why comparing offers on the monthly payment alone is a mistake.

Two honest limits: the tool assumes a fixed rate with no origination fee, and it prices what you enter rather than what a contract might bundle in. Use it as the baseline, then read the lender’s disclosure line by line.