Put three loan offers side by side and see which truly costs the least after interest and fees.
Cheapest total cost
$3,199
Loan C saves $464.
Loan B.
| Loan | APR | Term | Payment | Interest | Total cost |
|---|---|---|---|---|---|
| Loan A | 8.50% | 48 mo | $493 | $3,662 | $3,662 |
| Loan B | 7.50% | 60 mo | $401 | $4,046 | $4,446 |
| Loan C ★ | 9.90% | 36 mo | $644 | $3,199 | $3,199 |
Across interest and fees, Loan C costs $3,199 to borrow $20,000, $464 less than the next-best offer. Its payment is $644 a month over 36 months. The cheapest loan isn't always the one with the lowest payment or even the lowest rate — the term and fees matter too.
Loan B has the smallest monthly payment at $401, but it costs $1,247 more overall than Loan C — usually because a longer term spreads smaller payments over more months of interest. A low payment can disguise a more expensive loan.
The right way to choose: find the lowest total cost, then confirm its monthly payment is affordable. If the cheapest loan's payment is too high, the next option may be a reasonable trade — but you'll know exactly what the lower payment costs you in extra interest and fees.
Once you've picked an offer, see its full amortization and the real cost after any origination fee.
Personal loan calculatorWorked scenarios with the full analysis, so you can see how the numbers move before entering your own.
A borrower weighing three lenders with different rates, terms and fees on the same amount.
Cheapest total cost
$3,199
Across interest and fees, Loan C costs $3,199 to borrow $20,000, $464 less than the next-best offer. Its payment is $644 a month over 36 months. The cheapest loan isn't always the one with the lowest payment or even the lowest rate — the term and fees matter too.
Loan B has the smallest monthly payment at $401, but it costs $1,247 more overall than Loan C — usually because a longer term spreads smaller payments over more months of interest. A low payment can disguise a more expensive loan.
The right way to choose: find the lowest total cost, then confirm its monthly payment is affordable. If the cheapest loan's payment is too high, the next option may be a reasonable trade — but you'll know exactly what the lower payment costs you in extra interest and fees.
Comparing how the term alone changes total cost when the rate is identical.
Cheapest total cost
$2,562
Across interest and fees, Loan A costs $2,562 to borrow $20,000, $874 less than the next-best offer. Its payment is $627 a month over 36 months. The cheapest loan isn't always the one with the lowest payment or even the lowest rate — the term and fees matter too.
Loan C has the smallest monthly payment at $406, but it costs $1,769 more overall than Loan A — usually because a longer term spreads smaller payments over more months of interest. A low payment can disguise a more expensive loan.
The right way to choose: find the lowest total cost, then confirm its monthly payment is affordable. If the cheapest loan's payment is too high, the next option may be a reasonable trade — but you'll know exactly what the lower payment costs you in extra interest and fees.
A tempting low rate undermined by a large origination fee versus a no-fee option.
Cheapest total cost
$2,577
Across interest and fees, Loan B costs $2,577 to borrow $15,000, $32 less than the next-best offer. Its payment is $366 a month over 48 months. The cheapest loan isn't always the one with the lowest payment or even the lowest rate — the term and fees matter too.
Loan A has the smallest monthly payment at $356, but it costs $397 more overall than Loan B — usually because a longer term spreads smaller payments over more months of interest. A low payment can disguise a more expensive loan.
The right way to choose: find the lowest total cost, then confirm its monthly payment is affordable. If the cheapest loan's payment is too high, the next option may be a reasonable trade — but you'll know exactly what the lower payment costs you in extra interest and fees.
Using the tool for larger loans, where small rate differences translate to big dollar amounts.
Cheapest total cost
$370,975
Across interest and fees, Loan B costs $370,975 to borrow $300,000, $14,659 less than the next-best offer. Its payment is $1,847 a month over 360 months. The cheapest loan isn't always the one with the lowest payment or even the lowest rate — the term and fees matter too.
The right way to choose: find the lowest total cost, then confirm its monthly payment is affordable. If the cheapest loan's payment is too high, the next option may be a reasonable trade — but you'll know exactly what the lower payment costs you in extra interest and fees.
Once you've picked an offer, see its full amortization and the real cost after any origination fee.
Personal loan calculatorWhen comparing loans, it's tempting to pick the one with the smallest monthly payment. But a low payment usually comes from a longer term, which means you pay interest for more months — often making the loan more expensive overall. The number that actually matters is total cost: all the interest plus any fees.
Two loans can have very different payments but similar total costs, or the same payment and wildly different costs. This tool lines up to three offers on the same amount and shows the payment, total interest and total cost of each, so you can see past the monthly figure to what the loan really costs.
Three variables drive a loan's cost, and they interact. A lower rate is good, but a big origination fee can wipe out the savings — which is why a slightly higher-rate, no-fee loan sometimes wins. The term is the most underrated: extending it lowers the payment but can add years of interest, so the cheapest loan is often the one with the shortest affordable term.
The disciplined approach is to rank by total cost, then sanity-check the monthly payment against your budget. If the cheapest option's payment is uncomfortable, stepping to the next-cheapest is a deliberate trade you can now measure — you'll see exactly how much the lower payment costs in extra interest. That beats picking on payment alone and overpaying without realizing it.
The lowest payment is often the most expensive loan. Compare total cost, which includes all interest and fees.
A low rate with a big origination fee can lose to a no-fee loan. Include fees in the comparison.
A longer term lowers the payment but can nearly double the interest. The term is often the biggest cost driver.
Some loans charge to pay off early. Confirm you can prepay before committing, especially if you may refinance.
Compare offers on the same loan amount, or the totals aren't apples-to-apples.
Apply the same loan amount to each offer, then compare total cost — all interest plus fees — not just the monthly payment. This tool does that for up to three loans, showing payment, total interest and total cost side by side. The cheapest total cost is the best deal, provided its payment fits your budget.
Because a low payment usually comes from a longer term, which spreads smaller payments over more months of interest. A loan with a higher payment but shorter term often costs far less overall. Always compare total cost, since the monthly payment can disguise a more expensive loan.
Not necessarily. A low rate paired with a large origination fee can cost more than a slightly higher-rate loan with no fee. Rate, term and fees all affect the total, which is why comparing the full cost — as this calculator does — beats comparing any single number.
Significantly. Extending a loan's term lowers the monthly payment but adds interest for the extra months. On the same rate and amount, going from a 3-year to a 6-year term can nearly double the total interest. The cheapest loan is usually the one with the shortest term you can comfortably afford.
Rank offers by total cost first, then confirm the monthly payment fits your budget. If the cheapest loan's payment is too high, moving to the next option is a measured trade-off — you'll see exactly how much extra it costs. Also confirm there's no prepayment penalty, so you can pay it off early if you're able.
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