Loan Comparison Calculator

Compare APR (which bundles interest plus most fees), total interest paid over the life of the loan, monthly payment, term length, and any prepayment penalties. APR is usually the best single number for apples-to-apples comparison, especially when fees vary. A loan with a slightly higher rate but no origination fee can beat a "low-rate" loan with steep upfront costs.

The interest rate is just the cost of borrowing, expressed annually. APR (Annual Percentage Rate) includes interest plus required fees - origination, points, mortgage insurance, etc. - spread across the life of the loan. APR is always equal to or higher than the rate. Federal law (TILA) requires lenders to disclose APR so borrowers can compare loans fairly.

Not at all. A lower monthly payment often comes from a longer term, which means more total interest. A 7-year auto loan at 7% has a smaller monthly payment than a 5-year loan at 7%, but you pay roughly 50% more interest over the life of the loan. Always check total cost, not just monthly payment.

Federal Reserve research and CFPB studies consistently show that getting at least 3–5 quotes saves the average mortgage borrower over $1,500 - and often $5,000 or more. Multiple inquiries within 14–45 days count as one for credit scoring purposes, so rate-shopping is safe. The same logic applies to auto, student, and personal loans.