Medical Loan Cost Calculator
Estimate the monthly payment and total interest of financing a medical or dental bill with a loan.
How it works
Payment = P·r ÷ (1 − (1+r)^−n), r = APR ÷ 12, n = months · Total interest = payment × n − amount
A medical loan is a personal loan used to pay a hospital, dental or fertility bill, with a fixed rate and term. Before borrowing, it is almost always worth asking the provider for an interest-free payment plan or a prompt-pay discount, since a financed bill adds interest that a hospital plan would not. This tool shows what that interest amounts to so you can compare it against a no-interest option from the provider.
Worked example
Financing a $12,000 procedure at 12% over 3 years (36 payments) gives a monthly payment of about $398.57. You repay roughly $14,349 in total, of which about $2,349 is interest.
Frequently asked questions
Should I finance a medical bill or use a hospital payment plan?
Ask the provider first. Many hospitals offer interest-free payment plans or financial-assistance discounts. Those almost always beat a loan, which adds the interest shown here. Compare before signing anything.
Are medical credit cards a good option?
Cards like deferred-interest medical financing can be dangerous: if you miss the payoff deadline, interest is often charged retroactively from day one at a high rate. A fixed-rate loan or a true no-interest hospital plan is usually safer.
Can I negotiate the bill down first?
Often yes. Request an itemized bill, check for errors, and ask about cash-pay or prompt-pay discounts and financial assistance. Lowering the bill reduces both the loan and the interest you would pay on it.
Related calculators
Educational estimate, not financial advice. Actual loan terms, fees and taxes vary by lender.