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Loan comparison
What this is
Compare three loan offers side by side.
Lower rate isn't always best — shorter term + slightly higher rate often beats longer term at lower rate on total interest. The metric to compare on is 'total paid', not monthly payment.
Scenario A
Scenario B
Scenario C
| Metric | A | B | C |
|---|---|---|---|
| Monthly | $513 | $599 | $818 |
| Total interest | $5,768 | $3,730 | $4,461 |
| Total paid | $30,768 | $28,730 | $29,461 |
Total interest by scenario
If lenders quote APR rather than nominal rate, they're already including fees. Compare APR-to-APR, not APR-to-nominal.
Disclaimer
Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.