OptimCredit is a free sofware.

Optim-Credit lets you define a credit`s or mortgage contract : Interest rate, number of months. Based on this, it computes the true cost of the credit, which can be represented by the "total cost" and the "equivalent interest rate". The "total cost" is the sum of all interest and fees of the contract. It can be computed as the difference Between the money you pay versus the money you receive. The "equivalent interest rate" is a very interesting value. It shows the real cost of the money, according to the contract base interest rate and also the fees, insurance cost, ... Optim-Credit also computes a value of "total cost" which takes deflation into account (at a 2% rate, which is the target of FED and BCE) Most of the time, the credit cost is not correctly represented by the interest rate of credit card contract or mortgage contract. Other costs, such as fees or insurance, should also be considered for calculation of the true cost of credit. The law in many Countries makes it mandatory for a bank to show the real-cost of the credit. In France for example, showing the "equivalent interest rate" is mandatory. The definition and calculation of the equivalent interest rate correspond to a very PRECISE mathematics formula, and it can be used world-wide for people who want to know the true cost of their credit(s). Using Optim-Credit to calculate the equivalent interest rate, and comparing the equivalent interest rate of different contracts proposals is certainly the best way to select an offer. Computing the "total cost" of the credit is much easier than computing the "equivalent interest rate". However, the "equivalent interest rate" is more interesting and more accurate because its computation depends on time, and time is really the fundamental Aspect of credit : paying now is different than paying in 1 year.