which loan provides you with the best value is more than
simply comparing monthly payments. Use this calculator
to sort through the monthly payments, fees and other costs
associated with getting a new loan. By comparing these
important variables side by side, this calculator can
help you pick the loan that works best for you.
total amount for this loan.
interest rate on this loan.
number of years over which you will repay this loan. The
most common terms are 15 years and 25 years.
fees that should be included in the APR calculation. These
fees can vary by lender, but at a minimum usually includes
and interest payment (PI).
sum of periodic payments.
percentage rate (APR)
standard calculation used by lenders. It is designed to
help borrowers compare different loan options. For example,
a loan with a lower stated interest rate may be a bad
value if its fees are too high. Likewise, a loan with
a higher stated rate with very low fees could be an exceptional
value. APR calculations incorporate these fees into a
single rate. You can then compare loans with different
fees, rates or different terms.