Installment Loan Calculator
Calculate payments and costs for your installment loan. With effective annual interest rate and total burden. Free with amortization schedule, interest.
Monthly Payment
€351.59
Total Cost
€16,876.23
Interest Cost
€1,876.23
Eff. Annual Rate
5.90 %
Note: These calculations are for informational purposes only and do not replace professional tax or financial advice. All information without guarantee.
FAQ
Frequently Asked Questions
What should I consider when comparing installment loans?
Always compare the effective annual interest rate, not the nominal rate. Check for hidden fees, flexible repayment options, and whether special repayments are allowed without penalty.
Can I repay an installment loan early?
Yes, since 2010 EU regulations allow early repayment of consumer loans. The maximum prepayment penalty is 1% of the remaining balance (or 0.5% if less than 12 months remain).
Are my entered amounts stored anywhere?
No. All calculations happen exclusively in your browser. Your inputs are never sent to our server or stored. You can safely enter sensitive financial data.
Guide
Quick Answer
The instalment loan calculator computes the monthly payment and total cost of a consumer loan. It helps compare different loan offers.
What is the Installment Loan Calculator?
The instalment loan calculator computes the monthly payment and total cost of a consumer loan. It helps compare different loan offers.
How does the Installment Loan Calculator work?
Enter the loan amount, term and interest rate. The calculator determines the monthly instalment, total interest and produces a repayment schedule. The effective annual rate is computed to enable comparison of different offers.
Key Data and Facts
The effective annual rate is the best comparison metric. Typical terms: 12-120 months. Credit-score-dependent rate: the actual rate depends on your SCHUFA score.
Step-by-Step Guide
How to calculate your instalment loan step by step: 1. Set the loan amount: The required net loan amount (e.g. EUR 15,000). 2. Choose the term: A shorter term = a higher instalment, but less interest overall. 3. Enter the interest rate: Distinguish between the nominal interest rate and the effective annual interest rate. The effective annual interest rate includes all costs and is the value used for comparison. 4. Calculate the monthly instalment: Annuity formula or determined by the calculator. 5. Check the total costs: The sum of all instalments = loan amount + total interest. 6. Compare offers: Always use the effective annual interest rate, not the nominal interest rate. Creditworthiness-dependent interest rates can deviate significantly from the advertised rate. Example: Instalment loan of EUR 15,000, 48 months, effective annual interest rate 5.9 %. Monthly instalment: 15,000 x (1.004917^48 x 0.004917) / (1.004917^48 - 1) = EUR 352.37. Total payment: 352.37 x 48 = EUR 16,913.76. Total interest: EUR 1,913.76. Comparison over 84 months (5.9 %): instalment EUR 217.54, total interest EUR 3,273.36 -- EUR 1,360 more interest.
Calculation Example
Instalment loan of 15,000 EUR, 48 months, 5.9 % effective annual interest. Monthly payment: 352.37 EUR. Total interest: 1,913.76 EUR. Over 84 months: payment 217.54 EUR, interest 3,273.36 EUR.
Sources · E-E-A-T
Official sources
Calculations are based on applicable German laws and official data:
- Deutsche Bundesbank
- Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)
- Statistisches Bundesamt (Destatis)
Full methodology at Methodology.
Finance
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