Small loan payment calculator
Installment loan calculator: can your paycheck carry it?
Check a small loan offer: the monthly payment, the total cost with any origination fee counted, the APR, and how much of your take-home pay the payment uses.
The loan offer
The rate on the offer.
Taken from the loan.
After taxes, what reaches your account.
Monthly payment
$185
7% of your take-home pay
APR with the fee
36.0%
$108 total cost
| Money you get to use | $1,000 |
|---|---|
| Origination fee | $0 |
| Total interest | $108 |
| Total paid | $1,108 |
| Cost beyond the money you received | $108 |
| Take-home pay left after the payment | $2,315 |
Not sure the payment fits with everything else? Check your whole monthly budget.
Check my budgetHow this works
- The monthly payment is a standard fixed-payment amortization at the offer's interest rate over the term.
- An origination fee taken from the loan counts in the finance charge under Regulation Z, so the APR here includes it.
- The APR is the yearly rate at which your payments equal the money you actually receive (the actuarial method in Regulation Z Appendix J).
- The payment is also shown as a share of the take-home pay you enter.
- Loans at 36% APR or more are flagged: that's the cap the Military Lending Act sets for covered service members.
Sources
- Regulation Z §1026.4: finance charge (CFPB)
- Regulation Z §1026.22: annual percentage rate (CFPB)
- Regulation Z Appendix J: APR computations (Cornell LII)
- 32 CFR §232.4: Military Lending Act rate limit (Cornell LII)
Awaiting expert reviewEstimates only; not financial, tax or legal advice.
Common questions
How is an installment loan different from a payday loan?
An installment loan is repaid in scheduled payments over months. A payday loan is usually due in one payment on your next payday, and renewing it charges the fee again.
Why is the APR higher than the interest rate?
Because the APR counts the origination fee. When the fee comes out of the loan, you pay interest on money you never get to use.
How much of my paycheck should a loan payment take?
There's no single rule. Check the payment against your rent, bills and other minimum payments with the budget calculator before you sign.
Does DebtCheckUSA get paid for what this tool shows?
The costs are the same no matter what. Some short-on-cash tools can show loan offers from a paid partner, labeled Paid partner and placed below the cheaper options. Nothing you type is sent to them.
Is the information I enter saved or sent anywhere?
No. What you type stays on this page. It isn't saved or sent anywhere, and it clears when you leave or reload the page.