Loan comparison
Compare several loan offers side by side: payment, overpayment and the full cost of credit (APR)
Best offer
Loan 2
APR 17,73 %
Monthly payment
34 665,33 ₽
of the best offer
Overpayment
267 951,80 ₽
interest and fees
Offer comparison
| Metric | Loan 1 | Loan 2best |
|---|---|---|
| Loan amount | 1 000 000,00 ₽ | 1 000 000,00 ₽ |
| Monthly payment | 36 152,40 ₽ | 34 665,33 ₽ |
| Term | 36 mo | 36 mo |
| Fees | 0,00 ₽ | 20 000,00 ₽ |
| Overpayment | 301 486,20 ₽ | 267 951,80 ₽ |
| Total paid | 1 301 486,20 ₽ | 1 267 951,80 ₽ |
| APR (effective rate) | 19,56 % | 17,73 % |
APR (the full cost of credit) is the effective annual rate that folds in the fees, so it sits above the nominal rate. The cheapest offer is the one with the lowest APR.
Reference block: the method, a worked example and answers to common questions. It does not affect the calculation above.
How it is calculated
- Each offer runs through the same annuity engine as the mortgage: the payment from PMT = K * i * (1+i)^n / ((1+i)^n - 1), the overpayment as all payments minus the amount borrowed, the total cost as payments plus fees.
- The APR — the full cost of the loan in percent per annum — folds the fees into the rate. You receive the amount net of fees but pay the full instalment, so the honest rate is the internal rate of return of that cash flow: the monthly rate x at which the payments, discounted by (1+x)^k, sum to the money received; the annual APR is ((1+x)^12 - 1) * 100.
- The equation is solved numerically by bisection: present value falls monotonically as the rate grows, so the root is unique. With no fees the APR equals the effective equivalent of the nominal rate and always sits slightly above it.
- The best offer is the lowest APR among the fully filled ones; ties go to the smaller total cost. The winner is highlighted in the comparison table.
Worked example
The figures the page opens with: two loans of 1 000 000 ₽ over 36 months. The first at 18% with no fees: payment 36 152.40 ₽, overpayment 301 486.20 ₽, APR 19.56%. The second at 15% with a 20 000 ₽ fee: payment 34 665.33 ₽, overpayment including the fee 267 951.80 ₽, APR 17.73%.
The second wins: even after paying the 20 000 ₽ fee it is almost 33 500 ₽ cheaper in total, and its APR is 1.83 percentage points lower. The shop-window rate is not the price of the loan.
Frequently asked questions
What is the APR and how does it differ from the rate?
The full cost of the loan — a rate that absorbs every obligatory expense: interest and fees. The nominal rate describes the interest alone; the APR is what the loan actually costs. Banks must disclose it on the contract’s first page.
Why is the APR above the nominal rate even with no fees?
Because interest is paid monthly, not once a year: monthly accrual makes the effective annual rate exceed the nominal one. A nominal 18% with monthly accrual is an effective 19.56%.
Which fees belong in the field?
One-off obligatory charges at issuance: the origination fee, the mandatory first-year insurance, paid services without which the rate is not granted. Optional insurance that changes the rate is fairest compared as two rows: with and without.
Can I compare loans with different terms?
The APR brings them to a common denominator — percent per annum — so formally yes. But the payment and the total overpayment answer different questions at different terms: a short loan is dearer per month and cheaper in total. Read both rows of the table.
Why does my bank show a slightly different APR?
The bank computes on calendar payment dates and includes its own set of obligatory charges. The formula is the same — the internal rate of return of the flow; tenth-of-a-percent gaps come from the dates and the expense list.
How do I add a third offer, and what next?
The add button opens a third column — compare up to three offers at once. The winner can be examined further: the “Mortgage calculator” builds its month-by-month schedule, and “Debt load” shows what the payment does to your budget.