Loan Comparison Calculator
Put two or three loan offers head to head. Enter the amount, interest rate, term and any up-front fees for each one, then compare the monthly payment, total interest and the true total cost so you can spot the genuinely cheaper deal.
How to compare loan offers
- Fill in the amount, annual interest rate and term in months for each loan card.
- Add any origination or processing fees so the total cost reflects what you really pay.
- Read the comparison table to see which loan has the lowest cost and which has the lowest monthly payment.
Examples
A lower rate that is not the cheaper loan
Bank A: 20000 at 6% for 60 months, no fee. Bank B: 20000 at 5.5% for 60 months, 600 fee.
Bank B has the lower monthly payment, but Bank A is cheaper overall once the 600 fee is counted.
Frequently asked questions
How does this calculator decide which loan is cheapest?
It amortizes each loan to find every monthly payment, sums them into the total paid, then adds any up-front fees to get the total cost. The loan with the lowest total cost is flagged as cheapest, which is the figure that matters most over the life of the loan.
Why is the loan with the lowest monthly payment not always the cheapest?
A smaller monthly payment usually comes from a longer term, which means more payments and more interest overall. Fees also sit outside the monthly figure. This tool shows the lowest monthly payment and the lowest total cost separately so you can see the trade-off.
What counts as fees here?
Enter any one-off charges you pay to take the loan, such as origination, processing or administration fees. They are added once to the total cost. Ongoing charges baked into the rate are already captured by the interest you pay.
Can I compare loans with different amounts and terms?
Yes. Each card is independent, so you can compare offers with different principals, rates, terms and fees. Just remember that loans for different amounts or lengths are not strictly like for like, so use the total cost as your guide.
How is the monthly payment worked out?
Each loan uses the standard amortization formula. The annual rate is divided by 12 for a monthly rate, and the payment is set so equal monthly amounts repay the principal plus interest exactly over the term. A 0% loan splits the principal evenly across the months.
Is this calculator free and private?
Yes. It is free to use and runs entirely in your browser, so the loan figures you enter are never uploaded or stored anywhere.
Related tools
Loan Calculator
Free loan calculator. Enter the amount, interest rate and term in years or months to see your monthly payment, total interest and a full payoff schedule.
Mortgage Calculator
Estimate your monthly mortgage payment. Enter home price, down payment, interest rate and term to see principal, interest and a full amortization table.
Car Loan Calculator
Estimate your monthly car payment. Enter the vehicle price, down payment, trade-in, interest rate and term to see the loan amount and total interest.
401(k) Calculator
Project your 401(k) balance with employer match. Enter salary, contribution, match and return to see your contributions, the match and growth over time.
Amortization Schedule Calculator
Build a full loan amortization schedule. Enter the amount, rate and term to see each month's payment, principal, interest and balance, plus total interest.
Annuity Calculator
Calculate the present and future value of an annuity. Enter a payment, rate per period and number of periods for ordinary or annuity due timing.