Most people accept the first loan offer they get. This tool shows you why that's a costly mistake — enter up to 3 loan offers side by side and instantly see which one truly costs less after accounting for rates, fees, and terms. One comparison could save you thousands.
Compare up to 3 loan offers simultaneously in real time
See real cost including origination fees — not just stated interest rate
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Shopping multiple lenders? Paste each offer below. See which truly costs less — accounting for rates, fees, and term differences. The lowest monthly payment is not always the cheapest loan.
| Offer | Amount ($) | Rate (%) | Term (mo) | Fee (%) | Monthly | Total Cost | Interest |
|---|---|---|---|---|---|---|---|
| A | — | — | — | ||||
| B | — | — | — | ||||
| C | — | — | — |
Every extra dollar you borrow adds to your monthly payment and total interest. On a 36-month loan at 22% APR, each additional $1,000 borrowed adds approximately $38 to your monthly EMI and $368 in total interest. Borrow the minimum you actually need.
Rate differences compound significantly over time. On $10,000 for 36 months: at 15% APR you pay $1,240 in interest; at 35% APR you pay $3,205. That 20% rate difference costs an extra $1,965 on the same loan. Your credit score, income documentation, and lender choice all affect your rate.
Extending your term to reduce monthly payments is the most common and costly loan mistake. Always calculate total cost — not just monthly payment — when comparing term options.
A loan at 18% APR with a 7% origination fee can cost more than a 22% loan with no fee. Use the True APR display above — it converts all fees into an equivalent annual rate for fair comparison.
Monthly income minus all fixed expenses (rent, utilities, food, existing debts) × 80% safety buffer = your maximum new loan payment. Never start with the loan amount — start with what you can afford monthly.
Pre-qualify with soft pulls from 3+ lenders. Multiple applications within 30 days count as one inquiry for FICO scoring — you can shop freely without credit score damage.
Look at Total Cost — not monthly payment. A longer-term lower payment often costs thousands more. The comparison table shows you the truth each offer is trying to hide.
Federal Truth in Lending Act (TILA) requires every lender to disclose APR before signing. Verify your calculator APR matches the disclosed APR — any discrepancy means uncounted fees.
Monthly payment = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ−1] where P = loan amount, r = monthly rate (APR ÷ 12 ÷ 100), n = months. Our calculator does this instantly — type your numbers and results update live.
Interest rate is the cost of borrowing the principal only. APR (Annual Percentage Rate) includes the interest rate PLUS all fees expressed as an annual percentage. APR is always the correct number to compare across different loan offers.
Using the 35% DTI guideline: $4,000 × 35% = $1,400 maximum total monthly debt payments. If you already pay $500/month in existing debts, your maximum new loan payment is $900/month. Use the calculator to find what loan amount and term produces a $900 payment at your offered rate.
Because a lower monthly payment usually means a longer term — and interest accumulates every extra month. A $10,000 loan at 22%: 24 months = $526/month, $2,622 total interest. 60 months = $285/month, $7,100 total interest. The 'lower' payment costs $4,478 more.
Basic calculators often skip fees. Our True APR display converts origination fees into an equivalent annual rate so you can compare offers fairly. A low-rate loan with a high fee can cost more than a higher-rate loan with no fee — the True APR exposes this.
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⚠ Disclaimer: Calculator results are estimates. Actual payments vary by lender and may include additional fees. Not financial advice. See our Disclaimer and Privacy Policy.