Compare up to three loan offers
Use the same loan amount and term to compare rate, APR impact, fees, and payoff behavior.
Example data table
| Lender | Rate | Fees | Points | Extra Payment | Finance Charges? |
|---|---|---|---|---|---|
| Metro Credit | 6.75% | $250 | 0.50% | $0 | No |
| Blue Oak Lending | 6.45% | $550 | 1.00% | $25 | No |
| North Star Finance | 6.95% | $100 | 0.00% | $75 | Yes |
Formula used
Monthly rate: r = annual rate / 12 / 100
Standard payment: M = P × [r(1+r)^n] / [(1+r)^n - 1]
Zero-rate payment: M = P / n
Total borrowing cost: lifetime cash outflow − original loan amount
APR estimate: a monthly internal-rate calculation based on net proceeds and the generated payment stream.
When fees are financed, the balance increases. When fees are paid upfront, net proceeds decrease. Both situations change the effective borrowing cost.
How to use this calculator
- Enter the loan amount and full term in months.
- Add up to three offers with each lender’s annual rate, flat fees, and discount points.
- Enter an optional extra monthly payment if you want to model faster payoff.
- Check the financed charges box when fees and points will be rolled into the loan balance.
- Submit the form to view monthly payment, APR estimate, payoff time, interest, and total borrowing cost.
- Use the chart, comparison table, and export buttons to review or share results.
FAQs
1) What should I compare first?
Start with total borrowing cost, then check payment size and APR. A loan with a lower rate can still cost more when fees, points, or financed charges raise the balance.
2) Why can a lower interest rate still cost more?
Fees and points change what you really receive or repay. A slightly lower rate may lose its advantage when closing charges or financed costs are heavier.
3) Should I finance fees and points?
Financing charges reduces cash needed at closing, but it increases the balance and can create interest on those charges. Compare both ways before deciding.
4) What does extra monthly payment change?
Extra payment shortens payoff time and usually lowers total interest. This calculator applies the extra amount each month and adjusts the final installment automatically.
5) Is the APR here exact?
It is an estimate from generated cash flows and net proceeds. A lender’s disclosed APR can differ because of timing rules, insurance, or regulated calculation details.
6) Does this include taxes, penalties, or insurance?
No. The comparison focuses on principal, interest rate, fees, points, financed charges, and optional extra payments. Add outside costs separately when they apply.
7) Which offer is best?
The best offer depends on your goal. Pick the lowest total cost for savings, the lowest payment for cash-flow relief, or the shortest payoff for faster debt reduction.
8) Can I compare more than three offers?
This version compares three offers at once for clarity. Reuse the form with new numbers or duplicate the offer card pattern to expand it.