Compute total finance charge on a loan or purchase.
Please do not make financial decisions based on these results.
What is the Finance Charge Calculator?
Compute total finance charge on a loan or purchase. To use the Finance Charge Calculator, enter amount financed, apr, months, fees; it returns finance charge, monthly payment, total of payments, and shows them instantly as you type.
Where the Finance Charge Calculator fits
Compute total finance charge on a loan or purchase. The main figure it returns is the Finance charge, worked out from the values you enter.
It belongs with the other loans & debt tools. If you are comparing options or checking a result from another angle, try the Loan Interest Calculator, Mortgage Interest Calculator or the Personal Loan Calculator.
How to use the Finance Charge Calculator
- Fill in the fields. You will need Amount financed ($), APR (%), Months, Fees ($). Take the rate and term from your loan offer. Fees and the rate type change the result. Fields marked optional can stay at zero.
- Read the result. The highlighted box gives the Finance charge, and the cards below show Monthly payment, Total of payments. Tables and charts break it down further.
- Test other scenarios. Results update as you type. Change one value at a time to see what drives the answer, and press Reset to go back to the defaults.
Formula and how it works
Example with real numbers
Here is the Finance Charge Calculator using the default values shown in the calculator above:
Inputs
| Amount financed ($) | 12,000 |
|---|---|
| APR (%) | 8.9 |
| Months | 48 |
| Fees ($) | 150 |
Results
| Finance charge | $2,456.45 |
|---|---|
| Monthly payment | $298.05 |
| Total of payments | $14,456.45 |
With these inputs the calculator returns Finance charge: $2,456.45. Change any value in the calculator to see how the result moves.
What if you change one input?
Sensitivity check: raising Amount financed ($) from 12,000 to 14,400 (about 20% higher) and leaving everything else as in the example above changes the results like this:
| Result | Example | After the change | Change |
|---|---|---|---|
| Finance charge | $2,456.45 | $2,917.74 | +18.8% |
| Monthly payment | $298.05 | $357.66 | +20% |
| Total of payments | $14,456.45 | $17,317.74 | +19.8% |
The input that moves the result most is the one to check twice. Change it in the calculator above to test your own case.
What the results tell you
The results panel of the Finance Charge Calculator reports Finance charge, monthly payment and total of payments. Compare these figures while changing one input at a time, and use the related calculators below to look at the same situation from another angle.
Method and limits. This calculator applies the formula in the section above to your inputs, in your browser; nothing you enter is stored on our servers. Your lender’s offer is the final word: fees, rate type and rounding differ between lenders. It is for information, not financial, tax or legal advice.
Frequently asked questions
What is a finance charge?
The total cost of credit, including interest and fees.
What is APR and why does it matter?
APR is the yearly cost of a loan including fees. Use it, rather than the interest rate alone, to compare offers.
Can I enter the term in years and months?
Yes. Enter years and months together, for example 6 years and 2 months.
Are the results guaranteed?
No. Results depend entirely on the numbers you enter and the formulas shown on this page. Please do not make financial decisions based on them alone; confirm important figures with a licensed professional.
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