My husband and I owe money on our taxes this year about $2800. We were thinking of filing an extension to save up the money to pay but it says we have to pay interest and a penalty charge each month it goes unpaid. However I cannot seem to find the interest charge rate. I live in Texas so is there a website I can go to, to find out the rate. Or do you think it would be cheaper to go to the bank and just get a loan.

Get the loan.

The penalty is 5% per month for every month late up to five months.

This is on top of the 8% annual interest rate.