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.
Part of the Finance Tools collection — browse all related free tools.
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.
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.
No. Fees, loan term, and compounding all matter. Total cost is the number that counts.
Include processing/origination fees, documentation charges, and mandatory insurance in the fees field — they are part of the true cost.
Yes. It is 100% free with no signup required.
APR (annual percentage rate) rolls the nominal interest plus most fees and charges into a single yearly figure. Because it includes costs the bare rate ignores, APR is the honest number for comparing two offers — the lower APR is usually the cheaper loan.
Fees, compounding frequency, and term length all change the total. A '7%' loan with a $500 origination fee costs more than a fee-free 7% loan, and the same rate over 7 years costs far more interest than over 5.
Yes — extra payments go straight to principal, so every future payment accrues less interest. On a $20,000 loan at 7%, adding just $50/month saves over $600 in interest and finishes months early. Confirm your lender allows prepayment without penalty first.