Loans: compare the full cost
Two loans with the same monthly payment can have different costs when their term, fees or insurance differ.
Bifinances educational guide · Updated 29 October 2026
List all cash flows
Record the loan principal, amount actually received, each payment and date, application fees, insurance and any guarantee charges. An upfront deduction reduces available cash. Ask about early repayment and late-payment terms as well.
Make an initial comparison in money terms
Illustration: CFA100,000 borrowed, CFA110,000 repaid through instalments, plus CFA2,000 in fees and CFA1,000 in separately paid insurance. Total outflow is CFA113,000, with CFA13,000 above the principal. Avoid double-counting costs already included in instalments.
Distinguish total cost from effective rate
Dividing cost by principal does not produce a comparable annual rate. An effective rate reflects payment timing and available funds. Compare offers over the same term and ask the lender for its detailed calculation and repayment schedule.
Read the calculator’s limits
The Bifinances calculator estimates payments from principal, rate and term. Add the fees and insurance quoted by your lender: the simulation is neither a loan offer nor an assessment of affordability.
Educational information, not a personalised recommendation. Numerical examples are fictional. Fees, taxes and rules depend on the country and product; confirm the applicable terms before committing money.
Estimate monthly paymentsEditorial responsibility
Editorial responsibility: Paul Arnaud DEGUENON, journalist and business development expert.