What does this tool do?
A lower rate does not always mean a cheaper loan once fees are counted. This calculator puts two offers side by side on the same amount and term.
The Formula
Payment = P × r ÷ (1 − (1 + r)^−n); Total cost = Payments + FeeFrequently Asked Questions
Should I compare APR or interest rate?
APR includes many fees and is the better comparison for the same loan type. The headline rate can hide charges.
Does a longer term help?
It lowers the payment but usually raises total interest. Compare total cost over the period you actually expect to keep the loan.