You can use this loan cost calculator to estimate the cost of the loan in terms of fees and points. The calculator leverages the fact that annual percentage rate, or APR, is determined using out-of-pocket costs associated with the loan. The closer the quoted interest rate is to the APR, the lower the fees.

Calculator Definitions

The variables used in our online calculator are defined in detail below, including how to interpret the results.

The total amount of money borrowed for this loan, also referred to as the principal on the loan.

Quoted APR (%)

This is the annual percentage rate that is used to compute the overall cost of the loan.

Quoted Interest Rate (%)

This is the annual interest rate on the loan. This is not the APR, which was discussed earlier. The annual interest rate is used to determine the interest paid on the loan.

Term of the Loan (Years)

This is the original term or length of the personal loan, stated in years. The most common terms for personal loans range from 3 to 10 years.

Monthly Payment ($ / Month)

This is the monthly payment necessary to repay the loan over its lifetime.

Total Loan Cost ($)

This is the total upfront cost for this personal loan. This cost does not include interest or finance charges. These costs may include payment of upfront fees or points associated with this loan. In general, if you're comparing two loans with the same quoted interest rate, then the loan with the lower Total Loan Cost is a better deal. This fact should be reflected in a lower quoted APR.

Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.