Loan Comparison Calculator

What to Compare

• APR (Annual Percentage Rate): The true cost including fees
• Monthly Payment: What fits your budget
• Total Interest: How much you pay over the loan life
• Total Cost: Principal + interest + fees
• Term: Shorter = more expensive monthly but less total

APR vs Interest Rate

The interest rate is just one part of the cost. APR includes origination fees, closing costs, and other charges, giving you a more complete picture for comparison.

Short Term vs Long Term

• Shorter term: Higher monthly payment, lower total interest
• Longer term: Lower monthly payment, higher total interest
• Choose based on budget and total cost tolerance

Common Loan Fees

• Origination Fee: 1-8% of loan amount
• Application Fee: $25-500
• Prepayment Penalty: Some loans charge for early payoff
• Late Payment Fee: Typically 5% of payment or flat fee

Other Factors to Consider

• Lender reputation and customer service
• Prepayment flexibility
• Deferment or hardship options
• Autopay discounts (often 0.25%)
• Funding speed if time-sensitive

Tips for Getting Better Offers

• Check your credit report for errors first
• Get quotes from multiple lenders
• Apply to several within 14 days (counts as one inquiry)
• Consider credit unions
• Ask about rate matching