Calculate the true cost of a loan by factoring in fees, interest, and repayment terms.
The banking costs of a loan involve more than just interest rates. When applying for a loan, it is common for lenders to charge fees or points in addition to interest. This calculator helps reveal the true costs of loans through real APR.
Annual Percentage Rate (APR) represents the true cost of borrowing money, including both the interest rate and any fees associated with the loan.
While the interest rate only shows the yearly cost of borrowing the principal amount, APR provides a more comprehensive picture by factoring in additional costs such as:
Using this calculator, you can compare loan offers more accurately by looking at the real APR, which helps reveal the true costs beyond the advertised interest rate.