Before you start
US fixed-rate personal installment loan comparisons in USD. The model uses monthly payments and your entered origination fee. It does not determine legal disclosure compliance, calculate regulatory APR or show an approved offer.
1. Start with the amount that must reach its destination
If a bill requires $3,000, a $3,000 loan headline is not enough information. Ask what reaches your bank, what is paid directly to another creditor, what is withheld and when funds become usable. A direct creditor payment can serve the loan’s purpose without becoming spendable bank cash; record its destination separately.
Copy the actual fee in dollars. If quoted as a percentage, ask what amount that percentage applies to and whether it changes when the loan amount changes. Identify other required charges and optional products. The comparison includes only the entered origination fee, so keep documentation fees, add-ons or conditional charges visible in the notes rather than silently treating them as zero.
2. Identify how the fee is collected
Three fee arrangements create different cash flows. A deducted fee reduces the payout; a financed fee increases the balance; an upfront fee requires a separate payment. The table holds the base amount at an illustrative $3,000 and the fee at $150. “Net after fee” subtracts a separate upfront fee from the payout.
The fee is a financing cost in every row. With a financed fee, interest may also accrue on the added balance. Do not add a financed or deducted fee again to total loan payments; those payments already repay it. A separate upfront fee belongs outside the installment total.
| Fee treatment | $3,000 base: opening balance | Cash disbursed | Separate upfront fee | Net after fee |
|---|---|---|---|---|
| Deducted | $3,000 | $2,850 | $0 | $2,850 |
| Financed | $3,150 | $3,000 | $0 | $3,000 |
| Upfront | $3,000 | $3,000 | $150 | $2,850 |
3. Compare equal cash and keep the term visible
The tool takes Offer A’s base amount, fee treatment, contract interest rate and term. It adjusts the base amount for scenario B so both leave the same net cash after the entered fee. B remains a hypothetical adjusted scenario until its lender confirms that amount, fee and terms. Equal net cash does not mean identical upfront requirements.
Use the annual contract interest rate applied to the balance, not APR with the fee added again. APR includes interest and relevant loan charges; ask the lender if only APR is available. Compare payment, term, total payments, upfront fee and cost together. A lower installment over more months can cost more. These nominal totals do not discount future payments to today’s value.
4. Confirm the adjusted offer before signing
Ask the lender for a revised written offer showing the exact payout, fee treatment, opening balance and schedule. If its fee depends on the adjusted amount, update the dollar fee and compare again. Check that the funding date meets your need and that every installment fits after essential expenses and existing obligations.
The model assumes fixed rates, monthly periods and on-time payments. Daily interest, unusual first periods, precomputed interest, variable rates or balloon payments need different calculations. Compare results with the actual schedule and explain discrepancies before proceeding. After funding, reconcile the amount received and any direct creditor payment with the final documents.
Fictional example: compare $2,850 after fees
Use illustrative 0% contract interest for 12 months, with no other charges or missed payments. Offer A has a $3,000 base and $150 deducted fee: net cash is $2,850, opening balance $3,000, and 12 payments of $250 total $3,000. Its cost is $150 despite zero interest.
Scenario B has a $60 financed fee. To match $2,850 net cash, its base is adjusted to $2,850 and opening balance to $2,910. Twelve $242.50 payments total $2,910; cost is $60. The $90 difference reflects these assumed fees only. The lender must confirm B’s adjusted terms; these are not available market offers.
Before you finish
- Specify the cash need, destination and usable date.
- Confirm the dollar fee and any percentage base.
- Separate deducted, financed and upfront fees.
- Compare equal net cash, term and all included costs.
- Verify the revised offer and actual disbursement.
My offer and disbursement notes
Use Offer A and Offer B, not lender logins or account numbers. Keep the written disclosures outside this tool.
Entries are optional and stay in this page's memory. This worksheet does not send or save them. Use generic account labels and document labels. Do not enter account numbers, Social Security numbers, PINs, access codes, passwords, names or addresses, and do not upload documents. Downloading or printing creates a copy you control.
Compare the confirmed net cash and full payment commitment before accepting the offer.
Compare personal loan fees on the same net cash
Enter offer 1’s stated base loan amount, fee, fee treatment, nominal rate and term. For scenario 2 enter the alternative fee, treatment, rate and term. The engine derives scenario 2’s base amount so its cash left after the fee equals offer 1’s. Confirm that adjusted amount with the lender before treating it as an available offer.
Deducted fees reduce disbursed cash; financed fees increase opening principal; upfront fees are paid separately and reduce cash available after that payment. Both scenarios use fixed monthly installments, annual nominal interest divided by 12 and interest rounded to cents each month. APR, variable rates, optional insurance, penalties and other unentered costs are not calculated. Terms may differ: full-term totals describe each entered term.
Enter actual dates as YYYY-MM-DD. If a date is unknown, leave it blank; do not invent one. Dates are calendar dates, with no time zone or time-of-day comparison. This record does not calculate a legal deadline or schedule reminders.
Amounts are US dollars: use a point and at most two decimal places, without commas or currency symbols. Enter an explicit 0 only when documented as zero. Annual rates are nominal contract rates, not APR. Rates: 0–100%; terms and horizon: 1–360 whole months; each amount: up to $1 billion. Opening cash alone may be negative.
Questions you may have
Is the lowest monthly payment necessarily cheapest?
No. Check the number of payments, their total, the separate upfront fee and the same net cash received. A longer term can lower each payment while increasing overall cost.
Can I enter the disclosed APR as the contract rate?
Ask for the rate actually applied to the loan balance. Using an APR that includes a fee and then entering that fee again can distort the comparison. This tool does not reverse-engineer the contract rate or calculate APR.