Cost of Debt Calculator

Thinking about taking a loan? Use this calculator to estimate the real cost of the loan and how long it will take you pay it off based on the payment you plan to make.

Tip: The only interest rate you should be looking at is the APY, which tells you the total interest paid in a year independent of how the lender compounds. Interest rates that do not reflect compounding will often be a lower number, but not a lower cost!.

Tip:You should always look for loans that allow you to pay more than the monthly minimum amount required and it almost always makes sense to pay more than this when you can. This is especially true of credit card debt.

How much do you plan to borrow?
Month of loan (when money borrowed):
Year of loan:
Annual Percentage Interest Rate or APR (e.g. 13 for 13%: ):
Monthly Payment Planned:


Please enter assumptions and click the Calculate button to see your results here.

The total interest cost of this loan, above and beyond the amount borrowed, with the terms specified would be $.

It would take you months to pay off this loan, so your payments would continue until of .

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