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What You Need to Know

Why This Calculator Matters

Small differences in loan terms can mean thousands of dollars over time. Side-by-side comparison reveals the true cost of each option.

Who Needs This

Anyone comparing multiple loan offers, people deciding between lenders, or those weighing term length vs. payment size.

Key Insight

APR is the best comparison metric because it includes fees. A loan with 6% rate and $3,000 in fees might cost more than 6.5% with no fees.

Common Mistake

Comparing only monthly payments. A longer term has lower payments but often costs far more in total interest.

Pro Tip

Get quotes from at least 3 lenders, including banks, credit unions, and online lenders. Rate shopping within 14-45 days counts as one credit inquiry.

Real-World Example

Scenario: $25,000 loan: Bank A offers 8% for 5 years, Bank B offers 7% for 7 years

Bank A: $507/month, $5,400 total interest. Bank B: $378/month, $6,700 total interest

Bank A costs $1,300 less total despite higher rate. The shorter term wins.

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