Understanding Your Loan Cost Comparison:

• Illustrative Estimates: This comparison is based solely on the figures you've entered. Actual interest rates, APRs (Annual Percentage Rates, which include some fees), and other fees can vary significantly between individual credit unions and banks. They depend on your creditworthiness, the type of loan, current market conditions, and other factors.
• Credit Unions vs. Banks: Credit unions are non-profit, member-owned financial cooperatives. This structure can sometimes lead to lower interest rates and fees compared to for-profit banks, but this is not always the case. Banks may offer a wider range of products or have different eligibility criteria.
• Membership Requirements: Credit unions typically have membership eligibility requirements (e.g., based on employer, geographic location, family ties, or association membership).
• Always Compare Official Offers: The most reliable way to compare loan costs is to obtain official Loan Estimates (especially for mortgages) or detailed loan disclosures/offers from multiple institutions. Pay close attention to the APR, total interest to be paid, all fees (including origination, application, or closing costs), and the total cost of the loan.

This tool is for general comparison and educational purposes only and does not constitute financial advice.