Illustrative loan figures
Use loan figures only. Do not enter personal information. Submitted figures appear in the page URL. These bounds are calculator limits, not available loan terms.
Configured illustration
- Regular monthly payment
- $97.48
- Final installment
- $97.52
- Total of payments
- $1,169.80
- Total interest
- $169.80
- Upfront fee
- $0.00
- Illustrative finance charge (interest + fee)
- $169.80
- Net proceeds (principal less fee)
- $1,000.00
- Principal
- $1,000.00
- Annual interest rate
- 29.99%
- Requested term (months)
- 12
- Number of payments
- 12
The amount, term and rate come from the site's configured representative example. That rate is used here as an illustrative interest rate with no assumed fees. Illustration only. This calculation is not a lender offer or an eligibility decision.
11 monthly payments of $97.48, followed by a final payment of $97.52. The final installment clears the remaining balance after cent rounding.
View monthly amortization schedule
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $97.48 | $24.99 | $72.49 | $927.51 |
| 2 | $97.48 | $23.18 | $74.30 | $853.21 |
| 3 | $97.48 | $21.32 | $76.16 | $777.05 |
| 4 | $97.48 | $19.42 | $78.06 | $698.99 |
| 5 | $97.48 | $17.47 | $80.01 | $618.98 |
| 6 | $97.48 | $15.47 | $82.01 | $536.97 |
| 7 | $97.48 | $13.42 | $84.06 | $452.91 |
| 8 | $97.48 | $11.32 | $86.16 | $366.75 |
| 9 | $97.48 | $9.17 | $88.31 | $278.44 |
| 10 | $97.48 | $6.96 | $90.52 | $187.92 |
| 11 | $97.48 | $4.70 | $92.78 | $95.14 |
| 12 | $97.52 | $2.38 | $95.14 | $0.00 |
How this illustration works
- The principal is the starting loan balance. Interest uses a fixed annual interest rate divided by twelve, charged on the remaining balance each month. Payments start a month after the loan begins.
- Payments and monthly interest round to the nearest cent. Regular payments stay fixed; the final installment adjusts to clear the balance. Very small balances can finish early because of rounding.
- At a zero interest rate, payments divide the principal across the term, with the final installment adjusted for cents.
- The optional upfront fee is withheld from the principal at origination. It reduces net proceeds and adds to the illustrative finance charge. It does not change the interest balance or monthly schedule.
- No extra payments, late fees, other charges, changing rates or daily interest accrual are assumed. A lender's actual schedule and disclosures may differ.
APR can include fees and differ from the annual interest rate. This tool does not calculate APR. Use the interest rate in a lender's disclosure rather than a fee-inclusive APR. CFPB: the difference between a loan interest rate and APR.
Understand the figures you enter
The principal is the starting balance used for the illustration. The annual interest rate describes the interest charged on that balance, while the repayment period describes how long the scenario runs. Enter figures you want to explore and read the labels beside each field before calculating. The initial values, when present, are an illustration rather than a statement about a product available to you. A different balance or repayment period can change the payment schedule even when the interest rate stays the same.
The optional upfront fee represents a charge withheld from the loan proceeds. In this illustration, that fee reduces the money received at the start and contributes to the illustrated finance charge. It does not change the starting principal used to calculate payments. Fees paid separately or added to a balance would need different treatment. Keep that assumption in mind when reading the results, and use the written terms of any actual loan to understand how its charges are handled.
Separate interest from broader borrowing cost
The interest-rate input is the annual interest rate used by the calculation. APR describes a broader borrowing-cost measure that includes interest and certain loan fees. The source note beside the calculator explains that distinction. A reference explaining these concepts does not turn the example into a lender quote or establish what terms a visitor can receive. Check the label on any source figure before using it; an APR should not be relabeled as an interest rate.
This tool illustrates a fixed interest rate and scheduled monthly payments using the assumptions shown with the results. It displays interest and the optional withheld fee separately, so you can see how each contributes to the scenario. It does not calculate a disclosed APR or replace a lender's cost disclosure. Read the fee description and the repayment assumptions together. A payment can look manageable while the overall amount paid remains substantial, so review the schedule and the total alongside the monthly result.
Read the schedule as an illustration
The schedule shows how a payment is divided between interest and principal, and how the remaining balance changes over time. The calculator rounds payments and interest to cents. Its final payment can adjust to clear the balance after rounding. The displayed assumptions describe the timing and rate treatment used by the calculation. Actual loan agreements can use different timing or include additional charges, so the illustration may differ from a lender's own schedule.
Explore a scenario by changing a field and reviewing the updated results. Look at the money received, the payment schedule, interest and the fee together rather than judging the scenario from a monthly payment alone. Do not enter names, contact details, account numbers or other personal information in the calculator. A calculated result is an educational illustration; it does not check eligibility, request credit or reserve terms. Before making a borrowing decision, read the lender's written disclosures and consider whether the payment and overall cost fit your circumstances.
Common questions
Is the interest-rate input the same as APR?
The input is the annual interest rate used for the illustration. APR includes interest and certain loan fees as a broader cost measure. The calculator does not calculate a disclosed APR.
How does the upfront fee affect this illustration?
The optional fee is withheld from proceeds and added to the illustrated finance charge. Payments are calculated from the starting principal. A fee financed in the balance would need different treatment.
Does a calculated payment mean credit is available?
The result illustrates the figures entered and the assumptions displayed. It is not a loan offer or an eligibility decision, and it does not establish terms available from a lender.
Important disclosures
Illustrative range for installment loans: APRs from 5.99% to 35.99%. This range is not a quote; each lender sets its own rates. Your APR depends on your credit, income, state and the lender.
- BadCreditMD is not a lender or broker and does not make loans or credit decisions. When you submit a request, a lending network partner shares it with third-party lenders, and those lenders or the partner may pay us a fee for each referral. The lenders decide whether to offer you a loan.
- There is no fee to use BadCreditMD. Lenders or our lending network partner may pay us.
- Lenders set their own rates, fees and terms. Offers depend on your credit, income, state of residence and each lender's criteria.
- Our service is not available in all states, and not every loan type is available in every state.
- By submitting a request you consent to lenders checking your credit, which may affect your score, and to your information being shared with them.
- Submitting a request does not mean you will be approved or funded, or that you will receive any particular amount or rate.
- Short-term loans are costly and are not a long-term financial solution. Borrow only what you can repay on time.
- BadCreditMD publishes general information about loans and state rules. It is not legal or financial advice.
- BadCreditMD is operated by BadCreditMD, LLC, 30 N Gould St Ste N, Sheridan, WY 82801. Contact: pr@badcreditmd.com. Full details are on our disclosures page and disclaimer.
- Each state regulates lenders through its own financial regulator. Our state guides link to each one.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.