METHOD
Formula and method
For each offer: all payments + entered fees. A lower payment need not mean a lower total cost.
Compare two loan offers by monthly payment, fees and total cost
See monthly payments and total costs for two loan offers.
01
Your inputs
Starting values are an example. Replace them with your own.
Your inputs stay in your browser.
02
Your result
Enter your details and run the calculation.
About this result
Informational calculations. Check assumptions, dates and jurisdiction before making a decision.
Full disclaimerWhy a lower payment does not always mean a cheaper loan
For each of two offers the calculator works out an equal monthly payment from the same loan amount, interest rate and term, then the total cost as all payments plus the fees you enter. The difference in total cost shows which offer is cheaper for you. A lower payment need not mean a lower total cost, especially with a longer term, so compare both figures. The result is an illustrative scenario from your inputs, and the bank confirms the exact terms.
TRACEABLE
Sources and validity
Basic arithmetic or geometry using the formula shown. Uses only your inputs.
How we maintain data