ComputeResults

Cost of Debt

Financing With Installment Loans - What's the Cost?

For many people, buying a car or large appliance would not be possible without taking out an installment loan. Unlike revolving or credit card debt, installment loans offer fixed payments, a limited payback period, and generally carry moderate interest rates. Like all credit, however, installment loans should fit your budget and be used in moderation.

To find out how much an installment loan would cost you, answer the questions below, then click Submit.

What is the total amount that you borrowed or plan to borrow?

 $

How often must you make payments on the loan?

What is the stated (as opposed to effective) annual interest rate (finance charge) on the loan?
  1. 0
  2. 6
  3. 12
  4. 19
  5. 25

Value:  %

What is the term of your loan, in years?
  1. 0
  2. 10
  3. 20
  4. 30
  5. 40

Value:  

Were there any additional costs involved with this loan, such as origination fees or "points"? If so, enter that amount here.

 $
  

Calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. MassMutual will assume no liability for the use of or reliance on these calculators.