This calculator lets you include any extra fees that could affect the savings you'd get by converting out of costly student loans. Compare monthly payments and - above all - the total borrowing costs of your student loan with all your family loan options. This should help you pick the loan that works best for you. Click on the "View Report" button to see the results in detail.
Ka-ching! Family Loan Comparison Calculator
Ka-ching! Family Loan Comparison Calculator Definitions
- Loan amount
- The total dollar amount for this loan.
- Interest rate
- The interest rate on this loan.
- Loan term
- The number of years over which you will repay this loan. The most common terms are 15 years and 30 years. .
- Origination fee
- The dollar amount charged as a loan origination fee, which is included in the annual percentage rate (APR) calculation. For many loans a 1% origination fee is common. For example, a 1% fee on a $120,000 loan would cost $1,200.
- Commitment fee
- An upfront fee included in the APR calculation.
- Other fees
- Fees included in the APR calculation. These fees can vary by lender but, at a minimum, usually includes prepaid interest.
- Other costs
- Any other costs that should be included in the APR calculation.
- Closing costs
- Total of all closing costs for this loan.
- Annual percentage rate (APR)
- A 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 and 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 terms.