Interest Rate Comparison Calculator
Compare different loan interest rates to find the best option. Calculate monthly payments, total interest, and total cost for multiple loan offers.
Step 1: Loan Details
Understanding Loan Terms
Loan term affects both monthly payments and total interest paid. Shorter terms mean higher monthly payments but less total interest. Longer terms reduce monthly payments but increase total interest.
Step 2: Interest Rates to Compare
About Interest Rates
Even small differences in interest rates can significantly impact your total loan cost. Compare rates from multiple lenders to find the best deal for your financial situation.
Interest Rate Comparison Results
Best Rate Monthly Payment
Interest Rate Comparison Table
| Interest Rate | Monthly Payment | Total Interest | Total Cost | Interest Difference |
|---|
Cost Breakdown by Rate
Loan Payment Formula
Monthly Payment = P × [r(1+r)^n] ÷ [(1+r)^n – 1]
Where P = principal loan amount, r = monthly interest rate (APR ÷ 12 ÷ 100), n = total number of payments (loan term in months).
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