What should I consider when comparing loans?

Compare APR (annual percentage rate), monthly payment, total interest cost, loan term, fees, prepayment penalties, and lender reputation. The lowest interest rate isn't always the best deal if fees are high.

Is a shorter loan term always better?

Shorter terms save interest and build equity faster but have higher monthly payments. Longer terms offer lower payments but cost more in total interest. Choose based on your budget and financial goals.

What is APR vs interest rate?

The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus fees, points, and other charges, giving you the true cost of the loan per year.

Loan Comparison Calculator - Compare Two Loan Offers

How to Use the Loan Comparison Calculator

This free loan comparison calculator helps you quickly calculate better loan option. Simply enter your values in the fields above and click "Calculate" to see your results instantly.

Understanding Your Results

After entering your information, the calculator will display your results including better loan option, monthly payment difference, total savings, loan 1 - total cost, loan 2 - total cost. Each result is calculated using standard formulas used by financial professionals and experts in the field.

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