Target Rate Calculator
Work out the interest rate you need to qualify for to repay a loan within your budget.
Enter the amount you need, how long you want to repay it, and your budget to see the interest rate you'd need.
Target Rate Calculator
Most loan calculators ask for an interest rate and tell you the monthly payment. This one works the other way round: you tell us how much you need, how long you want to take to repay it, and the most you can comfortably pay each month — and we work out the interest rate you'd need to make those numbers line up. It's a useful sense-check before you shop around, so you know what kind of rate to hold out for.
Treat the rate as a ceiling
A higher interest rate means a higher monthly payment for the same loan. So the figure this calculator gives you is really the mostyou can afford to be charged: qualify for that rate or lower and your payment stays within budget; anything higher and you'd need to stretch the term, borrow less, or find room for a bigger payment.
How origination fees fit in
An origination fee is an upfront charge some lenders deduct from your loan before you receive the money. It doesn't change your monthly payment — that's set by the amount borrowed, the rate, and the term — but it does change how much cash you actually receive. So if you genuinely need a certain amount in hand, you have to borrow a little more to cover the fee. This calculator does that for you: the "amount you need" is treated as the cash you want to keep, and it grosses the loan up so the fee comes out and you still net what you asked for. Because you're paying back a slightly larger loan to receive your target amount, the true cost of borrowing — the APR — is a little higher than the headline interest rate, which is why we show both.
Assumptions & limitations
Like our other calculators, this assumes a fixed-rate loan repaid in equal monthly payments with interest compounded monthly, which is the norm for most personal loans, auto loans and mortgages in the United States. It isn't suitable for variable-rate credit, balloon payments, or loans that compound on a different schedule. The rate it returns is an estimate to guide your search — the actual rate you're offered depends on your lender and credit profile.
The results provided by this online calculator are for informational purposes only and do not constitute financial advice. Actual loan terms, interest rates, and payment amounts may vary based on your lender and credit profile. This calculator may not account for all factors that could affect the total cost of your loan, such as fees, taxes, or other charges. Please consult with a financial advisor or your lender for accurate and personalized information.