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Home Improvement Loans Comparison Calculator

From Data Team · Reviewed by Martin H. · About this article ↓

 

Compare two different home improvement loan options for your home improvement project to see which one offers better value.

 

Option 1

 

Option 1 Results

 
Loan Amount: $25,000.00
Fees: $525.00
Amount Received: $24,475.00
Monthly Payment: $775.31
Total Payments: $27,911.16
Total Interest Paid: $2,911.16
APR: 8.79%
Total Cost: $3,436.16

Option 2

 

Option 2 Results

 
Loan Amount: $25,000.00
Fees: $750.00
Amount Received: $24,250.00
Monthly Payment: $769.39
Total Payments: $27,698.04
Total Interest Paid: $2,698.04
APR: 8.43%
Total Cost: $3,448.04
 
 

Side-by-Side Loans Comparison

 
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.

About This Article

  • Reviewed by: Martin H., Finance Editor. MSc, MBA. Covers mortgages and consumer finance since 2006.
  • Data by: Maxim W., Data Analyst. BSc Science, 12 years in consumer analytics.

Sources & Methodology

Our data comes from our community: members share the rates, terms, credit requirements and costs they receive from financial services companies. It is then compiled and reviewed by our Data Team.