Loan A
Loan B ✓ Better Deal
Loan A Results
Monthly Payment$1,580.17Total Payments$568,861.22Total Interest$318,861.22Effective APR6.577%Total Cost$570,861.22
Loan B Results
Monthly Payment$1,498.88Total Payments$539,595.47Total Interest$289,595.47Effective APR6.189%Total Cost$544,595.47
Loan B saves you $26,265.75 over the life of the loan
Break-even point: 37 months (3.1 years) — after this, the lower-rate loan wins despite higher fees.