Loan APR calculator

How to use this calculator

You don't need to have your exact numbers to use this calculator. It can be even more helpful when you play around with the numbers to get a better idea of the type of loan that best fits your needs.

Input the following information into each box:
- Loan amount: This is the amount of money borrowed. If you don't have a loan yet, this could be the amount you think you need. If you currently have a loan, this would be its original balance.
- Interest rate: The amount of interest the lender is charging you to borrow money. If you already have a loan or got prequalified you'll already know this number — or a close estimate. If you don't have a loan yet, review the range of personal loan interest rates offered by lenders to get a better idea.
- Loan term in years: The number of years you have to pay off the loan. If your timeline is in months, divide that number by 12 to get the number of years.
Click “Calculate”
View the following to the right of the calculator:
- Estimated monthly payment
- Total cost of the loan, which includes the amount of interest you'll pay
Click “Compare loan rates”

Go to our Best personal loan rates page to see what rates and terms other lenders offer. Choose the personal loan lender that offers the loan and terms you want.

How to make the most of this calculator

Here are a few ways to make the most of this annual percentage rate (APR) calculator:

Figuring out what terms are most affordable by estimating your monthly payment using loan amount, interest rate or loan term
Seeing how much you'll pay in total interest using different rates
Seeing how variable rate changes can affect your monthly payment

Apply the loan APR calculator results

Depending on how you're using the calculator, you can apply your results in different ways to reach your financial goals and succeed with your loan.

Here are three ways to apply the results:

1. Figure out your loan terms

The amount you borrow, your interest rate and your repayment timeline all influence your monthly payment. By playing around with the numbers in each section, you'll be able to see all the different monthly payments you could have. Knowing these key points can help you avoid unpleasant surprises as you prepare to pay or apply for a loan.

Once you land on a monthly payment you're comfortable with, note what interest rate, loan amount and years got you to that payment. Keep those terms in mind while you shop for your loan.

2. Compare personal loan lenders

Get prequalified for a personal loan with a few different lenders so you have offers that are based on the information you have. Plug them into the calculator to see how each offer affects what you'll pay each month and in total. This can help you decide which lender to work with.

You'll also want to make sure you qualify and that you'll be working with a reputable lender. Read Bankrate's personal loan lender reviews to learn more about each lender, the loans they offer, their pros and cons and customer experiences.

3. Decide if you want a fixed or variable rate

By changing the interest rate in the calculator even slightly, you can see how your monthly payment is affected by rate increases or drops. If the numbers make you nervous, a variable rate may not be the best idea.

What is a good APR?

The best APR is typically in the single digits, but rates will depend on the loan type, lender, type of interest rate and the borrower's or cosigner's credit score. In that case, the best APR is the lowest you can get with the lender you choose and the financial profile you have.

If you're not happy with your current rate or the interest rates your lenders offer, there are steps you can take to get lower rates in the near future.

Shop for lenders that don't have origination fees
Improve your credit score by making on-time payments and paying down debt
Use a cosigner or coborower on the loan
Take advantage of lender offerings, like autopay discounts
Refinance to a lower rate, if possible

Frequently asked questions

The difference between APR vs. interest rate is that APR is typically higher than the interest rate. That's because APR is calculated by factoring in any applicable fees (origination, application, payment processing, etc.) – plus the interest rate itself.
Fixed rate: An interest rate that stays the same throughout the loan term. With the rate, payments may be more predictable, but your rate won't change even if interest rates drop.

Variable rate: An interest rate that moves up and down over time, based on an underlying index rate like the prime rate. As market conditions change, your monthly payment may move up or down, depending on what your interest rate is at the time.
The interest rate plus total fees is divided by the principal amount borrowed; this figure is then divided by the total number of days in the loan term. The resulting number is multiplied by 365 (representing one year) and then multiplied again by 100 (to yield a percentage).

APR = ((Interest + Fees / Loan amount) / Number of days in loan term)) x 365 x 100

Next steps for personal loans

Continue on with the next steps of your personal loan journey with these helpful guides and tips.

Which step of the journey is right for you?

Is personal loan shopping worth it?

Want to hear from someone who has experienced shopping for a personal loan? A Bankrate expert shares his experience shopping for a personal loan and gives tips for a smoother process.
The best ways to pay off a personal loan

Wondering how to shorten your loan term? These tips can help you pay off your personal loan faster, which can save you on interest.
10 Personal loan alternatives

Want to research other alternatives? Since personal loans aren't always the best option, take a look at these 10 alternatives.
The best installment loans

Heard of installment loans? Installment loans allow you to pay back what you borrow over time. Learn more about how installment loans work and compare lenders.

Other Bankrate loan calculators

Bankrate offers several calculators for consumers with various financial needs and goals.

Personal loan calculator: Though the personal loan calculator works similarly to the one on this page, this calculator also shows the amortization schedule, so you can see how each payment is applied to the principal and interest.
Auto loan calculator: If you're considering using a personal loan to buy a car, use this calculator to determine if an auto loan is a better option. You'll be able to change the numbers to see what terms work best for you.
Debt paydown calculator: This calculator asks you to provide the details of all the various debts you have, then gives you a personal payment plan and schedule based on the information you give.
Debt consolidation calculator: If you're thinking about combining your debts to have one interest rate and payment, this calculator will show you what your new monthly payment could be with a debt consolidation loan.

Annual Percentage Rate Loan Calculator

How to use this calculator

Input the following information into each box:

Click “Calculate”

Click “Compare loan rates”