Enter multiple loan offers and see which one truly costs the least. Compare APR, monthly payments, and total interest in one clear view.
Any upfront fees
Any upfront fees
Any upfront fees
Any upfront fees
Input the amount, interest rate, term, and any fees for each loan you're considering.
Results update automatically, showing monthly payment, total interest, and total cost.
The winner banner highlights the loan with the lowest total cost. But consider your budget too.
APR includes both the interest rate and certain fees, giving you the true cost of borrowing. Always compare APRs, not just advertised interest rates. A loan with a slightly higher rate but no fees may actually cost less.
Look beyond monthly payments. A 30-year mortgage at 6% costs almost double the interest of a 15-year mortgage at the same rate. The lower monthly payment comes at a steep long-term cost.
The cheapest loan overall might have unaffordable monthly payments. Be realistic about your budget. Sometimes paying more in total interest is worth the lower monthly obligation.
Some lenders charge a fee if you pay off the loan early. Avoid these loans if possible. The ability to prepay without penalty gives you flexibility to save on interest later.
Pro Tip: When shopping for loans, submit all applications within a 14-45 day window. Credit scoring models typically count multiple inquiries for the same type of loan as a single inquiry if they occur within this window, minimizing the impact on your credit score.
When comparing loans, consider: APR (includes fees, not just interest rate), total cost over the life of the loan, monthly payment amount, loan term length, prepayment penalties, and any hidden fees. A lower monthly payment often means paying more in total interest.
Not necessarily. A loan with a slightly higher rate but no fees may cost less than a lower-rate loan with high origination fees. Always compare the APR (Annual Percentage Rate) which includes both interest and fees. Also consider the loan term - a longer term means more total interest paid.
Longer loan terms reduce monthly payments but increase total interest paid. For example, a $20,000 loan at 6% for 3 years costs $1,902 in interest, but the same loan for 5 years costs $3,198 in interest - $1,296 more. Shorter terms save money but require higher monthly payments.
The interest rate is the cost of borrowing the principal amount. APR (Annual Percentage Rate) includes the interest rate plus certain fees, giving a more accurate picture of the loan's true cost. By law, lenders must disclose APR, making it the best number for comparison.
Submitting loan applications triggers hard inquiries, which may temporarily lower your score by a few points. However, credit scoring models (FICO, VantageScore) treat multiple inquiries for the same loan type within a 14-45 day window as a single inquiry. Shop around within this window to minimize impact.