Compare two different home improvement loan options for your home improvement project to see which one offers better value.
| Metrics | Option 1 | Option 2 | Difference |
|---|---|---|---|
| Loan Amount | $25,000.00 | $25,000.00 | $0.00 |
| Fees | $525.00 | $750.00 | $225.00 less with Option 1 |
| Amount Received | $24,475.00 | $24,250.00 | $225.00 more with Option 1 |
| Monthly Payment | $775.31 | $769.39 | $5.92 less with Option 2 |
| Total Interest | $2,911.16 | $2,698.04 | $213.12 less with Option 2 |
| APR | 8.79% | 8.43% | 0.36% less with Option 2 |
| Total Cost | $3,436.16 | $3,448.04 | $11.88 less with Option 1 |
| Recommendation: Both options have similar total costs. Option 1 has slightly lower total cost but higher APR. Option 2 has slightly lower monthly payment. | |||
Note: This calculator provides estimates for comparison purposes only. The APR calculation is an approximation and may differ slightly from lender calculations.
Traditional home improvement loans are unsecured personal loans, so they often have higher interest rates than secured loans like mortgages.