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Loan comparison

What this is

Compare three loan offers side by side.

Lower rate isn't always best — shorter term + slightly higher rate often beats longer term at lower rate on total interest. The metric to compare on is 'total paid', not monthly payment.

Scenario A

Scenario B

Scenario C

MetricABC
Monthly$513$599$818
Total interest$5,768$3,730$4,461
Total paid$30,768$28,730$29,461

Total interest by scenario

Scenario A$6KScenario B$4KScenario C$4K

If lenders quote APR rather than nominal rate, they're already including fees. Compare APR-to-APR, not APR-to-nominal.

Disclaimer

Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.