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Loan comparison
Put two loan offers side by side and see which really costs less.
Offer A
Offer B
| Comparison | Offer A | Offer B |
|---|---|---|
| Monthly payment | $300.57 | $285.51 |
| Total paid | $18,034.15 | $20,556.81 |
| Total interest | $3,034.15 | $5,556.81 |
Offer A costs $2,522.65 less in interest over the life of the loan. A lower monthly payment often means a longer term — and more interest overall. Look at the total, not just the monthly.
How this is calculated
Each offer uses the standard fixed-rate amortized payment formula: payment = P × i ÷ (1 − (1 + i)⁻ⁿ), where P is the amount borrowed, i is the monthly rate (APR ÷ 12), and n is the number of months.
Total paid is the monthly payment times the number of months. Total interest is total paid minus what you borrowed — the real price of the loan. Two loans can have similar monthly payments but very different total costs.
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