Got multiple loan offers? Compare up to 3 side by side — monthly payment, total interest, and true total cost including fees — and spot the cheapest deal instantly.
Verdict
Enter your loan offers above.
Total cost beats interest rate
A 7% loan for 7 years often costs more than an 8% loan for 5 years, because you pay interest for 2 extra years. Always compare the total cost (all payments + fees), not just the rate.
What to watch for
Processing fees: 1–3% of the loan added to your cost.
Prepayment penalties: some loans charge you for paying early.
Floating vs fixed: floating rates can rise; fixed gives certainty.
Balloon payments: a big final payment hides the true monthly cost.
FAQs
How do I compare two loan offers?
Compare the monthly payment AND the total cost (payment × months + fees). A lower rate with a longer term can cost more overall. Enter each offer above to see the true cheapest deal.
Is a lower interest rate always the cheaper loan?
No. Fees, loan term, and compounding all matter. Total cost is the number that counts.
What fees should I include when comparing loans?
Include processing/origination fees, documentation charges, and mandatory insurance in the fees field — they are part of the true cost.