Tools
Loan offer comparison
Two loans at the same headline rate can cost very differently once fees are included. Compare the true total cost and effective APR of both offers.
Cheaper offer (total cost)
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Offer A
Monthly payment
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Total cost (interest + fees)
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APR incl. fees
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Offer B
Monthly payment
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Total cost (interest + fees)
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APR incl. fees
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Estimates are illustrative only — real terms vary by lender.
Frequently asked questions
What is the effective APR?+
The effective APR (annual percentage rate) folds origination fees into the cost of credit. Because fees reduce the amount you actually receive while adding to the cost, the effective APR is often higher than the headline interest rate.
Why compare total cost instead of the monthly payment?+
A lower monthly payment can hide a longer term and higher fees. Total cost (interest + fees) shows what each offer really costs you from start to finish.
How is the effective APR calculated here?+
We find the rate that equates the net amount received (loan amount minus fees) to the stream of monthly payments. Annualized, that rate is the effective APR. It is an illustrative estimate only.
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