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Amount paid upfront (often $0 with Affirm)
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Affirm APR: 0% (promo) to 36%. Check your offer.
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Affirm offers 3, 6, 12, 24, 36, or 48 months
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How Does Affirm Calculate Your Monthly Payment?
Affirm is a buy now, pay later (BNPL) service that offers installment loans at 0% to 36% APR with terms from 3 to 60 months. Unlike credit cards, Affirm charges simple interest — not compound interest — and shows you the total interest cost upfront before you commit. There are no late fees, prepayment penalties, or hidden charges.
Affirm Payment Formula
Monthly Payment = P × (r(1+r)^n) ÷ ((1+r)^n − 1)
Where P = loan amount (price − down payment), r = monthly rate (APR÷12÷100), n = number of monthly payments
Example: $1,200 at 15% APR for 12 months → monthly rate = 1.25% → payment = $108.53/month
Example: $1,200 at 15% APR for 12 months → monthly rate = 1.25% → payment = $108.53/month
Affirm APR Ranges by Merchant (2025)
- 0% APR: Available at select merchants (Amazon, Walmart, Best Buy, Peloton) for promotional periods — 0% deals usually require 6–12 month terms and strong credit
- 10%–15% APR: Good credit, established Affirm history, mid-range purchases
- 20%–30% APR: Average credit score range (600–700)
- 30%–36% APR: Maximum rate — subprime credit or high-risk categories. 36% is Affirm's cap
💡 Is Affirm Worth It? Affirm makes sense when: (1) the rate is lower than your credit card APR, (2) you qualify for 0% promotional financing, (3) you need predictable fixed payments, or (4) you want to avoid revolving credit card debt. It does NOT make sense if you can pay cash or if the APR exceeds your credit card rate.
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Frequently Asked Questions
What APR does Affirm charge?
Affirm charges 0%–36% APR depending on your credit profile, the merchant, and the purchase amount. 0% APR is available at select partner merchants (Amazon, Walmart, Peloton, Best Buy) for promotional terms. Most borrowers with average credit (650–720) see rates of 15%–25%. The maximum Affirm charges is 36% APR. Your rate is disclosed before you accept — there are no hidden fees.
Does Affirm affect your credit score?
Affirm performs a soft credit check for prequalification (no score impact). If you accept a loan, Affirm may perform a hard inquiry which can temporarily lower your score by 5–10 points. Affirm reports loan payment history to Experian for some loans — on-time payments can help your credit; missed payments can hurt it. Check the specific loan terms to see if it will be reported.
What is the difference between Affirm and Klarna or Afterpay?
Affirm: 0%–36% APR installment loans, 3–60 months, simple interest, amount up to $17,500. Klarna: offers pay-in-4 (0% interest), 0% monthly plans, and longer-term financing. Afterpay: pay-in-4 only (0% if paid on time, late fees apply). Affirm is best for larger purchases needing longer terms. Klarna and Afterpay are better for smaller purchases with 4 equal payments. All three are BNPL (buy now, pay later) services.
Is 0% APR from Affirm actually free?
0% APR Affirm loans are truly free — no interest, no fees, no catches — IF you pay on time. There are no late fees on 0% loans either (though Affirm may limit future financing). However, merchants offering 0% Affirm financing often build the cost into the purchase price, so you may get a better cash discount by paying upfront and negotiating. Always compare the 0% financing offer vs. a cash discount.
Can I pay off Affirm early?
Yes. Affirm charges no prepayment penalties. Paying early saves you interest on the remaining balance. Since Affirm uses simple interest (not compound), you save interest proportionally to how early you pay. If you took a 12-month loan and pay it off in 6 months, you'll save approximately half the originally scheduled interest.
What is the maximum amount you can finance with Affirm?
Affirm's maximum loan amount is $17,500, though most purchases are approved up to $5,000–$10,000. The amount you're approved for depends on your credit history, existing Affirm loans, income, and the specific merchant. Affirm does not disclose a minimum credit score, but generally requires a score of 580–600+ for approval. First-time borrowers are typically approved for smaller amounts.