Most of us borrow in one way or another to finance major purchases, but how you borrow can make a big difference in how much you end up paying. Use our calculator to compare.
(Calculator | Example | Definitions | Application Notes)
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![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() Spending Smarter - Cost of Borrowing CalculatorMost of us borrow in one way or another to finance major purchases, but how you borrow can make a big difference in how much you end up paying. Use our calculator to compare. (Calculator | Example | Definitions | Application Notes) |
* If you receive an "ERROR" message while using this calculator, either the minimum monthly payment you are making for any one of the first three borrowing options is not large enough to cover the monthly interest payment, OR, under the "Rent-to-Own" contract, the total price paid for the item is less than the actual selling price of the item, signifying a negative interest payment which is highly unlikely to occur.
*We wish to thank York University Professor Moshe A. Milevsky, and researchers at the Individual Finance and Insurance Decisions (IFID) Centre, a non-profit corporation, housed at the Fields Institute in Toronto, for developing the content of this calculator.
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Created: 2005-05-30 Updated: 2005-10-17 ![]() |
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