Moneyzine
Shop
English [GB]
Deutsch
/Loan Guides/Loan Cost Calculator

Loan Cost Calculator

Moneyzine Editor
Author: 
Moneyzine Editor
2 mins
October 4th, 2023
Advertiser Disclosure

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.

Total Loan Amount ($)

Additional Resources

Simple Monthly Loan Calculator Loan Comparison Calculator Debt to Income Ratio Calculator Loan APR Calculator Loan Cost Calculator

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.

Loan Cost Calculator

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.

Related Content

  • What Can Help You Meet Your Budget While Shopping for Important Items?
    What Can Help You Meet Your Budget While Shopping for Important Items?
    Budgeting while ensuring you don't compromise on quality can seem daunting. Whether filling your pantry, updating your wardrobe, or keeping up with the latest tech, smart shopping strategies are crucial for keeping your finances in check.
    April 2nd, 2024
  • How to Make a Million Dollars in 10 Years
    How to Make a Million Dollars in 10 Years
    Truthfully, this title should actually be “How to Make a Million Dollars in 10 Years Without Going Into Debt", but that is just getting a little too winded for my liking. It’s true though!
    December 6th, 2024
  • How to Apply Maslow’s Hierarchy to Your Money This Year
    How to Apply Maslow’s Hierarchy to Your Money This Year
    You might vaguely remember your psychology teacher talking about Maslow. He pointed at a picture of a triangle as you nodded off in the back of the school room.
    November 18th, 2024
  • How to Tackle Multiple Savings Goals
    How to Tackle Multiple Savings Goals
    When there’s only so much money to go around, there are often multiple savings goals competing for your money. Think of the young professional who’d like to get a more reliable car, buy a house, and save for retirement. Or consider the young family that’s saving for college, retirement, and a bigger house.
    March 22nd, 2024
  • The Countdown to Early Retirement: 10 Expenses to Eliminate
    The Countdown to Early Retirement: 10 Expenses to Eliminate
    Dreaming of waving goodbye to the daily grind five years ahead of schedule? The road to early retirement is paved with more than good intentions; it requires a meticulously crafted strategy with surprising twists. It's not solely about what you should be doing—like diligently saving a portion of your income or investing wisely—but also about what you need to stop doing.
    March 22nd, 2024

Contributors

Moneyzine Editor
Author
Moneyzine Editor
The Moneyzine editorial team consists of writers and content specialists with diverse backgrounds.
Moneyzine
[email protected]
Moneyzine is your trusted partner in financial empowerment. With our comprehensive guides, user-friendly calculators, and expert tips, we're dedicated to helping you navigate and shape your financial future.
About Us
Useful Links
Explore Moneyzine
Follow us
Statistics
Advertising Disclaimer

Please be aware that some of the links on this site will direct you to the websites of third parties, some of whom are marketing affiliates and/or business partners of this site and/or its owners, operators and affiliates. We may receive financial compensation from these third parties. Notwithstanding any such relationship, no responsibility is accepted for the conduct of any third party nor the content or functionality of their websites or applications. A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services. Risk Warning: Investing in digital currencies, stocks, shares and other securities, commodities, currencies and other derivative investment products (e.g. contracts for difference (“CFDs”) is speculative and carries a high level of risk. Each investment is unique and involves unique risks. CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money. Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Past performance does not guarantee future results. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Your capital is at risk. When trading in stocks your capital is at risk. Past performance is not an indication of future results. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions. Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice. Some links are affiliate links. For more information please read our full risk warning and disclaimer.

Moneyzine 2024. All Rights Reserved.