- Interest rate—the annual cost of borrowing the money in percentage form. Typically given by lender as interest rate or rate.
- APR—the interest rate with fees included, such as origination fee, points, discount, credits, closing costs.
- Loaned fees—the fees to be rolled into the loan (increases the total loan amount).
- Upfront fees—the fees to be paid upfront by the borrower without being rolled into the loan. Use a negative value if a discount or credits are involved.
While a loan can take on various forms and have numerous payback options, the most common loan type is an amortized loan with a monthly payback schedule; examples include mortgages, auto loans, personal loans, small business loans, student loans, and home equity loans, among others. These are what this loan calculator is designed for.
This loan calculator computes the repayment, interest, and amortization schedule of an amortized loan with a monthly payback schedule. If fees are not provided, it works as a plain loan amortization calculator. If fees are provided, it can also calculate APR from interest rate or interest rate from APR. In addition, it can compare two different loans side-by-side with different rates, terms, and fees. When comparing two loans, APR is the indicator revealing the true cost of the loan with fees included. To use the calculator, please fill in the relevant fields and select either interest rate or APR, then click the "Calculate" button.