Use the True Cost of Borrowing Calculator
Calculate the True Cost of Your Loan
How This Tool Works
- 1
Enter the loan principal amount in US dollars
- 2
Input the annual interest rate (APR)
- 3
Specify the loan term in months
- 4
Add any origination fees or one-time charges
- 5
Add any recurring monthly fees
- 6
The calculator shows total interest, total fees, and the true all-in cost of the loan
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Understanding Your Results
Compare the 'True Total Cost' across different loan offers to find the best deal. A loan with a lower interest rate but high origination fees may actually cost more than one with a slightly higher rate and no fees. Pay special attention to origination fees (typically 1–8% of the loan) and prepayment penalties, which can significantly increase the total cost.
Responsible Borrowing Advice
Always compare the true cost across multiple lenders before committing. Look beyond the monthly payment to the total amount you'll repay. If the true cost seems excessive, consider a smaller loan amount or shorter term. Under TILA, lenders must provide a standardized disclosure form showing the total cost of credit.