Understanding The Comparison:
- Monthly Payment: Estimated payment covering principal and interest. Does not include escrow for taxes/insurance unless you've factored those into "Other Upfront/Monthly Fees".
- Total Upfront Fees: One-time costs paid at loan origination (origination, application, other specified fees).
- Total Monthly Account Fees (Over Term): Sum of any recurring monthly fees over the entire loan duration.
- Total Interest Paid: The total amount of interest you'll pay over the life of the loan.
- Total Cost of Loan: The sum of all interest paid and all specified fees (upfront and recurring). This is a key figure for comparing the overall expense of each loan offer. A lower Total Cost is generally better.
Disclaimer: This tool provides estimates based on the information you enter. Interest rates, fees, and loan terms can change and are subject to lender approval based on your creditworthiness and other factors. Always verify all details directly with the lenders. This analysis does not constitute financial advice. Consider all terms and conditions carefully before making any borrowing decisions.
