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Work out the monthly payment and total cost of any fixed-rate loan — car, personal, or student.

Understanding the cost of a loan

A loan's true cost is not just the amount you borrow — it is also the interest you pay over time. A smaller monthly payment spread over a longer term usually means more total interest. Comparing both the monthly figure and the total cost helps you pick the offer that is genuinely cheaper.

• Shorter terms: higher monthly payment, much less total interest.
• Longer terms: lower monthly payment, more interest overall.
• Always check the APR, which includes fees, not just the headline rate.