Loan rate calculator
Use this calculator to work out the effective annual interest rate you will pay on a credit agreement.
This calculator works out the cost of a loan, expressed as the annual percentage rate of charge [APRC], based on the amount to be financed and the monthly instalments, including fees and other expenses that may be charged to the customer. This is a “notional calculation” and it does not take into account possible regulatory restrictions applicable to the APCR regulatory calculation.
This calculator is intended to provide help with financing transactions, such as credit agreements.
The “notional” rate according to this calculator is valid for the data introduced and the assumptions mentioned below. This means it may differ from the APRC quoted by a bank if the conditions of the bank’s offer differ from those considered here.
You can make a number of calculations and compare the interest rate resulting in each case.
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So that the calculator can be used for the largest possible number of cases, certain simplifications have been made, including the following:
- Every month of the year has the same number of days.
- The instalments payable are the same every month, except for the first and last months, when different amounts can be specified
- There is no grace period. That said, the calculation can be made when the first instalment is paid at the time the financing is arranged, or a month later.
- Where applicable, it is possible to indicate the amount of fees and other charges payable at the time the financing is arranged.
