What does this loan really cost?
Monthly instalment, total cost, interest share — and next to it the instalment at the rate that two thirds of applicants actually get.
Frequently asked questions
How is the monthly instalment of an instalment loan calculated?
Using the annuity formula: the instalment stays the same every month, but its composition changes. At the start it contains a lot of interest and little repayment, at the end it is the other way round. The calculator uses exactly this formula with monthly interest.
What is the two-thirds rate?
Under Section 6a of the German Price Indication Ordinance (PAngV) banks must state the effective annual rate at which at least two thirds of customers actually get the advertised loan. The headline rate in advertising often applies only to the best credit files — the two-thirds rate is the more realistic figure.
Why do I get a higher rate than advertised?
Most banks set rates depending on creditworthiness: the better the score and the ability to service the debt, the cheaper the loan. Negative entries, many enquiries in a short time or a maxed-out overdraft make the same loan considerably more expensive — often by several percentage points.
Is a shorter term worthwhile?
Almost always, if the instalment stays affordable: at the same rate the total cost falls with every monthly instalment saved. The calculator shows the total cost for your input — change the term and compare for yourself.
Does this calculator store my data?
No. All calculations run in your browser. Nothing is transmitted, nothing is stored and no sign-up is required.