Cost of credit calculator
Compare the purchase price with the payments and interest of financing.
Cost of credit calculator
See the payment and interest on a fixed-rate purchase loan.
Updates as you typeYour numbers
Start with the example. Change it to fit your plan.
Amount in US dollars.
Amount in US dollars.
Use the contract interest rate. A fee-inclusive loan APR is different. Values in percent.
Amount in months.
Annual rate divided by 12; interest rounded half-up to the cent before fixed month-end payments. The final installment is reduced to the balance due. Excludes origination fees, taxes and other charges. This estimates interest, not a legally disclosed loan APR. Interest rate vs. APR.
Your result
12 monthly payments on $1,200 financed at 18% within a 12-month term.
What the purchase costs
- Purchase price$1,20090.9%
- Interest$120.209.1%
The financed balance
- Balance remaining
View chart values
| Month | Balance remaining |
|---|---|
| 0 | $1,200 |
| 1 | $1,107.98 |
| 2 | $1,014.58 |
| 3 | $919.78 |
| 4 | $823.56 |
| 5 | $725.89 |
| 6 | $626.76 |
| 7 | $526.14 |
| 8 | $424.01 |
| 9 | $320.35 |
| 10 | $215.14 |
| 11 | $108.35 |
| 12 | $0 |
Keep a copy of your plan
Excel and PDF use the numbers above. Google Sheets opens a separate example in your Drive; to bring your own numbers, import the downloaded Excel file.
Saved only in this browser.
Choose the first date. Reminders follow the deposit or payment schedule above, with the last amount adjusted when needed. No calendar account is connected.
Files are created in this browser. Financial inputs are not sent to our server.
Results are educational estimates from your inputs and the assumptions shown, rather than a guarantee or individual financial advice. About our estimates.
Keep your plan moving
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