Prime Rate Calculator
Calculate loan payments based on the Prime Rate, the benchmark interest rate banks charge their most creditworthy customers.
Loan Details
$
%
%
years
%
Prime Rate is typically 3% above the Federal Funds Rate. Most consumer loans (HELOCs, credit cards) are priced relative to Prime.
Your Interest Rate
8.50%
Prime (8.5%) + 0%
Monthly Payment
$5,129.13
Interest Only
$1,770.83
Cost Analysis
Annual Interest Cost$21,250.00
Total Interest (5 years)$57,747.97
Total Payments$307,747.97
Rate Analysis
Expected Prime (Fed + 3%)8.50%
Prime vs Expected+0.00%
If Prime Rises 0.25%+$30.18/mo
Common Prime-Based Products
- - Home Equity Lines of Credit (HELOCs)
- - Credit Cards (Prime + 10-15%)
- - Business Lines of Credit
- - Small Business Loans
- - Adjustable Rate Mortgages (some)