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APR Calculator

An APR calculator estimates the yearly cost of credit when upfront fees are included. Enter the loan amount, rate, term, and fees to see the nominal APR and the effective APR.

By the Personalloaned Editorial Team · Last updated 2026-09-16

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Method

How this calculator works

The APR is the yearly cost of credit when upfront fees are included. It is usually higher than the advertised note rate because the fees reduce the money you actually receive while the payments stay the same.

This calculator finds the monthly periodic rate i that solves:

P - F = M * (1 - (1 + i)^-n) / i

  • P = loan amount
  • F = upfront fees
  • M = monthly payment at the note rate
  • n = number of monthly payments

It then reports the nominal APR = i * 12 * 100 and the effective APR = ((1 + i)^12 - 1) * 100. If fees are zero, both equal the note rate.

Fees vary by lender and loan type, so enter the fees from your own offer.

Common questions

Frequently asked questions

What is the difference between the APR and the interest rate?
The interest rate is the cost of borrowing the principal. The APR also includes upfront fees, so it reflects the total yearly cost of credit.
Which APR does this calculator report?
It reports the nominal APR, which is the monthly periodic rate times 12, and the effective APR, which compounds that rate over 12 months. Both are stated in the formula explanation above.
Why is my APR higher than my rate?
Fees reduce the net amount you receive while your payments stay the same. To break even, the effective cost of the money you actually got must be higher.
What fees should I enter?
Enter upfront fees paid at closing, such as an origination fee. Do not include late fees or optional add-ons, because those depend on your behavior.

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