Loan comparison by total cost, fees and fine print
Two loan offers with the same monthly payment can differ by thousands once fees and term length are counted. Attach your offers or list them, and your todo.is agent puts them side by side, works out the total you'd repay and points out the clauses worth asking about.
The prompt
- Compare these loan offers for a [LOAN TYPE AND AMOUNT]: [LOAN OFFERS]. For each, calculate the monthly payment, total interest, all fees (origination, admin, early repayment, late payment), APR, and the total I would repay. Build an Excel table side by side, and a second tab showing what happens if I pay an extra [EXTRA MONTHLY PAYMENT] per month. Read the attached offer documents if any and list anything unusual: variable rates, balloon payments, insurance add-ons, prepayment penalties. Then search the web for 2–3 other lenders that offer this kind of loan to someone with [MY SITUATION], with links, so I know what else to ask about. Finish with a plain-English recommendation and the questions I should ask each lender. Don't apply for anything.
What to change
- [LOAN TYPE AND AMOUNT]: E.g. "personal loan of $15,000", "car loan of €22,000" or "debt consolidation loan of £8,000".
- [LOAN OFFERS]: Lender, rate, term and fees for each, e.g. "Bank A 9.4% 48 months $300 fee". Or attach the offer PDFs.
- [EXTRA MONTHLY PAYMENT]: An amount you could add each month, e.g. "$100". Write "none" to skip.
- [MY SITUATION]: Country and rough credit profile, e.g. "good credit in Texas, salaried" or "self-employed in Ontario".
Example result
- Personal loan of $15,000, 3 offers
- Figures are calculated from the offers you sent; confirm the final numbers with each lender.
- Side by side
- • Offer A, Northgate Bank: 9.4% fixed, 48 months, $300 origination fee · monthly $376 · total interest $3,050 · total repaid $18,350
- • Offer B, Willow Credit Union: 10.2% fixed, 36 months, no fees · monthly $485 · total interest $2,470 · total repaid $17,470
- • Offer C, QuickLend online: 8.9% fixed, 60 months, 4% fee ($600) · monthly $311 · total interest $3,640 · total repaid $19,240
- What this means
- • Offer C has the lowest rate and payment but the highest total cost, because of the long term and the fee
- • Offer B costs about $880 less than A and $1,770 less than C, if you can handle $485 a month
- • If $485 is too tight, Offer A is the middle ground
- Extra $100 a month
- • Offer A: paid off in 37 months, saves about $770 in interest
- • Offer C: the contract charges 2% on early repayment, which eats most of the saving
- Fine print worth asking about
- • Offer A: is the $300 fee taken from the loan amount or added to it?
- • Offer C: the 2% prepayment penalty and an optional payment protection insurance pre-ticked on page 3
- • All: is there a discount for autopay?
- Other lenders to check
- • Two credit unions and one online lender with links and their published rate ranges in the file
- Recommendation
- Offer B if the monthly payment fits your budget; otherwise Offer A. Avoid Offer C unless you need the lowest monthly payment and will keep the loan to the end.
How to do it with todo.is
- Copy the prompt and fill in the loan type, your offers and your situation.
- Paste it on the Today screen in todo.is and attach any offer letters or PDFs.
- Your agent calculates every offer, reads the fine print and builds the comparison in Excel.
- Ask follow-ups like "what if I take 36 months with Offer A?" and it adds the scenario.
Tips for a better result
- Compare the total repaid and the APR, not the monthly payment. A lower payment usually means more interest overall.
- Get offers within the same 1–2 weeks so they reflect the same market conditions.
- Ask whether a quote uses a soft or hard credit check before you agree to it.
- Look for prepayment penalties if you might pay the loan off early.
loan comparison: FAQ
- What is the difference between interest rate and APR? The interest rate is the cost of borrowing the money. APR also includes most required fees, so it is the better number for comparing loans.
- Is a shorter loan term always better? It usually costs less in total but has higher monthly payments. Pick the shortest term whose payment you can comfortably afford.
- Can todo.is apply for a loan for me? No. Your agent compares offers and finds lenders with links, and you apply yourself. For big decisions, a financial adviser can review your situation.
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