Lower monthly payments can mean a higher total cost.
Compare the instalment, term, interest and total cash paid together. A longer term or balloon can reduce the monthly payment while changing the amount you pay overall. The balloon is settled at the end of the term.
Use comparable offers.
Enter the same amount borrowed for both offers. Rates remain constant and interest is charged monthly. Fees are entered separately; upfront fees are paid in cash. Insurance, financed initiation fees and lender-specific settlement charges are excluded.
Put the numbers to work.
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