Free calculator
APR calculator
Enter a loan amount, nominal annual interest rate (%), time as whole years plus months (0–11), upfront fees paid at closing (reducing what you effectively keep), and optional financed fees rolled into the amortizing balance. We compute the level monthly payment, total interest, all scheduled payments plus upfront fees, and headline APR as the nominal annual rate implied by your monthly cash flows (monthly IRR × 12). Fixed-rate installment loan only—illustration, not a credit offer or regulatory filing.
When to use this calculator
You want an all-in borrowing cost readout on a simple fixed-rate installment story—similar to many free SERP tools, with transparent fee lines.
- Compare note rate vs APR when closing costs are quoted in currency and you care about the true monthly cost of funds.
- Build a spreadsheet check with
PMTfor the payment andRATEorIRRon the borrower’s monthly cash-flow row—see the Google Sheets & Excel section. - Cross-check mental math before opening our amortization schedule tool for the full period-by-period table.
We keep one v1 path: fixed nominal annual rate, level monthly payments, and a clear fee split between upfront (reduces net cash) and financed (adds to principal).
Principal, fees, and net cash
Amortizing principal = loan amount + financed fees. Net cash at month 0 = amortizing principal − upfront fees. The monthly payment uses that amortizing principal with your nominal annual % and monthly compounding—same PMT identity as our amortization schedule calculator.
Headline APR
We find the monthly discount rate r that sets the NPV of [+net cash, −payment, …, −payment] to zero, then report APR = r × 12 as a nominal annual percent. With no fees, this matches your contract annual rate; upfront fees raise APR above the note rate.
Not modeled on purpose
Mortgage APR with PMI, points, or escrow; revolving cards, promo rates, or minimum-payment rules; variable rates; balloon or interest-only phases; crypto/savings APY; and non-monthly pay schedules are out of scope—use linked tools or a full LOS when you need them.
Use the numbers as a teaching and spreadsheet alignment aid, not a substitute for issuer disclosures or professional advice.
For a full amortization table, use the amortization schedule calculator .
For revolving payoff timelines on one balance, use the credit card payoff calculator .
For APY on deposits or compound growth, use the compound interest calculator .
Google Sheets & Excel
Treat loan amount + financed fees as the principal for PMT. Net cash at closing is that principal minus upfront fees. For APR, build month 0 = +net and months 1…n = −payment**, then **IRR** (same periodicity) or use **RATE** on the annuity leg.
=PMT(B2/12,C2,-(A2+D2),0)A2 = loan amount; D2 = financed fees (or 0); B2 = nominal annual %; C2 = n months. Principal for PMT is A2+D2.
=RATE(C2,-E2,(A2+D2-F2))*12E2 = PMT result; F2 = upfront fees; (A2+D2-F2) = net cash at origination. RATE returns a monthly rate—multiply by 12 for nominal annual APR % (same convention as this page).
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Frequently asked questions
What does this APR calculator do?
It estimates monthly payment, totals, and headline APR for a fixed-rate installment loan from loan amount, nominal annual %, term in years + months, upfront fees, and optional financed fees, using the fee convention on this page.
What is the difference between APR and interest rate?
The interest rate here is the contract nominal annual % used to build the level monthly payment on the amortizing principal. APR also reflects fees as cash flows: upfront costs reduce net proceeds at origination, so the implied annual cost can be higher than the note rate.
How is APR different from APY?
APY is common on deposits and includes compounding into a yearly yield. This page’s APR line is for borrowing with monthly payments and follows the cash-flow IRR definition above—not a savings APY.
Is this the same as the credit card payoff calculator?
No. The credit card tool models revolving balances with a fixed monthly payment or a target month count. This page is an installment loan with financed and upfront fees in currency—different cash-flow shape.
Does this replace a mortgage APR calculator?
Not in v1. We do not model PMI, discount points, escrow, or property taxes. For P&I and housing extras, use the mortgage payment tool; for tables, use amortization schedule.
Does APR assume I keep the loan for the full term?
The APR line spreads upfront costs over all scheduled months. If you pay off early, your realized cost of funds can differ—same limitation as many simple online APR tools.
How do I match this in Google Sheets or Excel?
Use the copy cards: PMT on amortizing principal with monthly rate = annual%/12, then RATE or IRR on [+net, −payment, …]** and **×12** for **nominal annual APR**. Localized function names may differ—use **Formulas** → **Insert function** for your **language** pack.
Why might my result differ from a lender or another site?
Fee timing, rounding, day-count rules, prepaid interest, and which charges sit inside vs outside the APR can all move the number. We document our v1 convention on-page—treat outputs as illustrations.
Is this lending or legal advice?
No. It is a free educational calculator and not a credit offer, not a regulatory filing, and not advice for your situation.