Rate change calculator
The Fed moves in quarter points; lenders move your APR by your credit. See what any change in APR is worth on your loan, per month and in total.
$500 to $100,000.
6 to 120 months.
0% to 60%.
0% to 60%.
Same loan, two rates
- Payment at the first APR
- —
- Payment at the second APR
- —
- Difference per month
- —
- Total interest, first APR
- —
- Total interest, second APR
- —
- Difference over the loan
- —
Ask lenders for their APR
Five quick answers and your contact details. TrustCedar passes the request to lenders and loan brokers; compare the APRs that come back against the rate board, and say no to any of them.
- 1 The amount, the purpose, your credit range, your timing and ZIP code.
- 2 Your name, phone, email and consent to be contacted.
- 3 A lender or loan broker may reply with an offer. No loan exists until you sign one.
You pay TrustCedar nothing. The lenders and loan brokers who contact you set their own rates, fees and terms, and decide on credit themselves. How we make money.
How the calculator works
It works out the level monthly payment of a fixed-rate installment loan at each APR, using the standard annuity formula with interest charged monthly at APR ÷ 12. Total interest is the sum of all payments minus the amount borrowed. Fees are not included: if your offer has an origination fee, the APR on your disclosure already counts it, so enter that APR.
A worked example
A $10,000 loan over 36 months at 12% costs $332.14 a month and $1,957 in interest. If the rate is a quarter point higher, at 12.25%, the payment is $333.34: about $1.20 more a month and $43 more over three years. A two-point gap, 12% against 14%, is worth $347 on the same loan. That is why a Fed move rarely decides a personal loan, while the spread a lender adds for your credit often does: see how personal loan rates are set and whether to borrow now or wait.