The guide
What Reddit ads really cost
The price of a Reddit ad is set by an auction, so the honest answer to "how much" is "it depends". Here is what it depends on, and how to work out your own number.
How Reddit ads pricing works
You set a budget and choose how to pay: per click, or per 1,000 impressions. Reddit then runs an auction for every ad slot, and your targeting (subreddits, interests, locations) and the competition for that audience set the price. The minimum budget is $5 a day. Reddit recommends at least $50 a day per ad group, and spend on a given day can run up to 20% over budget.
The number that matters: cost per customer
A cheap click is worthless if nobody converts. Multiply your cost per click by the number of clicks it takes to win one customer, and compare that to what a customer is worth. That is what the calculator does with your inputs. If you do not have conversion data yet, run a small test campaign first and use its numbers.
Why Reddit users treat ads differently
Redditors come for discussion and recommendations from other people, and they can tell an ad from a comment. Write ads that read like a post and invite discussion rather than polished banner copy, expect comments under them, and answer those comments.
Ads versus organic replies
Ads buy attention for as long as you pay. Replies in the right threads reach people who are already asking for a solution, and a good answer in a thread that ranks on Google keeps being read after you post it. Many teams use both: ads for reach, organic replies for the high-intent conversations.