Compare two loan offers by monthly payment, interest and overall cost. Try different rates, fees or repayment periods to see why a smaller monthly payment can still cost more in total.
Read the source: CFPB · Difference between interest rate and APR
Compare two loan scenarios
Enter the annual interest rate from your offer. The estimate uses equal monthly payments.
Assumes constant interest, equal monthly periods and end-of-month payments. Excludes daily accrual, arrears, insurance refunds and prepayment penalties. A financed fee belongs in principal, not also in the separate fee field.
Keep the inputs comparable
Enter each loan’s principal, nominal annual interest rate, term and separately paid upfront fee. If a fee is financed, include it in principal and avoid also entering it as an upfront fee.
Read the total outlay
The model adds scheduled payments and the separate upfront fee. It displays payment, total interest and total outlay for each option. It does not compute the APR shown in a loan agreement or model optional products unless you include their costs in the inputs.
Continue: 1st Franklin Financial Debt Consolidation: Costs to Review
Compare more than the calculation
Collateral, prepayment rules, income uncertainty, service and eligibility can also matter.
Continue: Alternatives to 1st Franklin Financial: Compare Loan Costs
Frequently asked questions
Should I enter APR or the nominal rate?
Use the nominal annual interest rate for this model. Fee-inclusive APR may produce a different payment.
Are values saved or sent to lenders?
No. Calculations run locally in your browser.
Sources
Read the original documents and company pages behind this guide.
- CFPB · Difference between interest rate and APR www.consumerfinance.gov · reviewed October 16, 2026
- 1FFC · Official loan calculator www.1ffc.com · reviewed October 16, 2026
