Loan Comparison Calculator
Compare monthly payment and total interest for two loans.
| Loan Detail | Loan A | Loan B |
|---|---|---|
| Amount ($) | ||
| APR (%) | ||
| Term (months) |
Enter both loan offers to compare them.
How to Use the Loan Comparison Calculator
Enter the balance, interest rate and term for two loan options to compare estimated monthly payments, total interest and overall repayment cost.
Practical Example
Comparing a 5-year loan at 7% with a 4-year loan at 6.5% can show whether the lower rate and shorter term offset the higher monthly payment.
Factors That Affect the Result
Origination fees, closing costs, prepayment penalties, variable rates and lender-specific charges can change which loan is actually cheaper.
Frequently Asked Questions
Should I choose the loan with the lowest monthly payment?
Not always. A lower payment can come with a longer term and higher total interest.
Does the calculator include fees?
Only if those costs are entered or built into the loan amount.
Can I compare different loan terms?
Yes. That is one of the main uses of the calculator.