Compare like with like
Offers differ in rate, length and fees, which makes them hard to compare in your head. This tool shows both on the same basis.
What it measures
For each offer it calculates the monthly payment, total interest, fees and total cost. It then tells you which is cheaper overall and by how much.
Example
Offer A is $12,000 at 9% APR over 36 months with no fee: about $382 a month and $13,737 in total. Offer B is $12,000 at 7.5% over 60 months with a 3% fee: about $240 a month but $14,787 including the fee. B is easier on the monthly budget but costs about $1,050 more.
How to choose
Pick the cheapest total cost you can afford monthly. A lower payment feels good now but often costs more later.
Be careful
The tool assumes fixed rates and a fee added to the total cost. Always read each lender's disclosure.
Frequently asked questions
Which matters more, payment or total cost?
Both. Choose the lowest total cost that still fits your budget.
How are fees treated?
As an extra cost added to the total.
Can I compare more than two?
Run the tool twice, comparing your best two each time.