Enter two loan offers and instantly see which one costs less — monthly payment, total interest, true APR, and total cost side by side.
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A lower interest rate doesn't always mean a cheaper loan. Upfront fees, loan term length, and whether the rate is fixed all affect the true cost. This calculator shows you the total cost — principal, interest, and fees — so you can make a fully informed decision.
A longer loan term gives you a lower monthly payment, but you pay significantly more interest over the life of the loan. A shorter term means higher monthly payments but much less total interest. The right choice depends on your cash flow needs versus your total cost tolerance.
Annual Percentage Rate (APR) includes fees in the effective interest rate, unlike the nominal rate shown by lenders. Two loans with the same interest rate but different origination fees will have different APRs — the one with higher fees has a higher true APR and costs more overall.
Not necessarily. A loan with a lower rate but higher fees or longer term can cost more in total. Always compare total cost of the loan (principal + all interest + all fees) rather than just the headline rate.
An origination fee is a charge by the lender for processing the loan, typically 0.5–2% of the loan amount. It's paid upfront or rolled into the loan balance. Even a 1% fee on a $25,000 loan is $250 — and if it's rolled in, you pay interest on it too.
If one loan has lower monthly payments but higher total cost (common when comparing short vs long terms), there is a break-even point — the month at which the lower-rate loan has saved you enough in interest to offset higher upfront fees. If you plan to pay off the loan before that point, the fee-heavy loan may not be worth it.