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APR Calculator

The true annual cost of a loan once fees are counted.

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Fees paid to obtain the loan

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How the term changes the APR

Fees are spread across the term, so the shorter the loan the more they inflate the APR. Repay early and the effective cost is higher than a long-term APR implies.

Held forPaymentEffective APR

APR

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Nominal rate—
Effective annual rate—
APR premium over rate—
Monthly payment—
Total fees—
Net amount received—
Total interest—
Total cost of borrowing—

Quick Tool Overview

The APR Calculator solves for the annualised cost of a loan once every fee is folded in — the rate that equates your payments with the money you actually received. It is the only fair way to compare offers with different rates and fee structures.

What it does
Calculates the true APR of a loan including all fees
You give it
The loan amount, nominal rate, term and every fee
You get back
The APR, the effective annual rate and the total cost
Best for
Comparing loan offers that are quoted differently
Calculators Free, unlimited use No sign-up Runs in your browser

About the APR Calculator

Enter the loan amount, the nominal rate, the term and every fee to get the APR: the annualised cost of borrowing once fees are folded in. The calculator solves for the rate that equates the payments you make with the money you actually received.

This is the only fair way to compare two offers with different structures. A loan at a lower rate with heavy origination fees can easily cost more than one at a higher rate with none, and the headline rate will never tell you which. The calculator also reports the effective annual rate, which accounts for compounding frequency rather than fees, so you can see both adjustments separately and understand why three quoted numbers can all describe the same loan.

Key features of the APR Calculator

Fees folded into one rate

A low rate with heavy fees can cost more than a higher rate with none, and only the APR reveals it.

APR and effective rate separated

One adjusts for fees, the other for compounding — shown apart so you can see why three numbers describe one loan.

Term sensitivity shown

Short terms inflate the APR of a fixed fee dramatically, which is why small fast loans look so expensive.

Points supported

Discount points are a fee that buys a lower rate, and both halves of that trade are modelled.

Side-by-side offers

Run each quote through and compare the APR figures rather than the advertised rates.

How to use the APR Calculator

  1. 1

    Enter the loan and rate

    The amount borrowed and the nominal annual interest rate quoted to you.

  2. 2

    Set the term

    The repayment period, which strongly affects how much fees inflate the APR.

  3. 3

    Add every fee

    Origination, points, processing and any charge paid to obtain the loan.

  4. 4

    Compare offers on APR

    Run each offer and compare the APR figures, not the advertised rates.

Frequently asked questions

The interest rate is the cost of the borrowed money alone. APR adds the fees required to obtain the loan and expresses the whole cost as an annual rate, which makes it the higher and more comparable figure.

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