Loan Comparison Calculator
Compare up to 4 loan offers side by side to find the best deal. Calculate monthly payments, total interest costs, and potential savings to make an informed decision.
Compare up to 4 loan offers side by side to find the best deal. Calculate monthly payments, total interest costs, and potential savings to make an informed decision.
Comparing multiple loan offers can save you thousands of dollars over the loan term. Even a small difference in interest rates can result in significant savings.
When comparing loans, focus on these critical factors that affect the total cost and your monthly budget.
Follow these strategies to find the best loan deal and avoid common pitfalls during the loan shopping process.
It's recommended to compare at least 3-5 loan offers from different types of lenders to ensure you're getting the best deal available. Include banks, credit unions, and online lenders in your comparison.
Both are important, but focus on the total cost of the loan. A lower monthly payment might mean a longer term and more total interest paid. Consider your budget and long-term financial goals.
It depends on how long you plan to keep the loan. Calculate the break-even point to determine if paying points makes financial sense. Generally, points are beneficial if you'll keep the loan for many years.
Origination fees increase the total cost of borrowing. Compare the APR (which includes fees) rather than just the interest rate for a true comparison. Some lenders offer no-fee loans with slightly higher rates.
APR (Annual Percentage Rate) includes both the interest rate and most fees, giving you the true cost of borrowing. Always compare APRs rather than just interest rates when evaluating loan offers.
Higher credit scores typically qualify for better interest rates and terms. Check your credit score before applying and consider improving it if needed. Even a small score improvement can save thousands over the loan term.