Loan Comparison Calculator
When you're weighing two loan offers — say, different lenders, rates, or terms — it's easy to focus on the monthly payment alone and miss the total cost. This calculator lays both loans side by side so you can see monthly payment, total interest, and total repayment for each, with the difference clearly called out.
Enter your numbers and select Calculate to see your estimated payment.
How this calculation works
Each loan is amortized independently using the standard formula, then the results are compared directly.
Example calculation
Loan A: $20,000 at 7.9% over 5 years ($405/mo, $4,283 total interest). Loan B: $20,000 at 6.4% over 6 years ($336/mo, $4,183 total interest). Loan B costs less monthly and slightly less overall, despite the longer term.
Frequently asked questions
Which matters more, monthly payment or total interest?
It depends on your goals. A lower monthly payment helps cash flow today; lower total interest means less money spent over the life of the loan. This calculator shows both so you can weigh the trade-off.
Can I compare loans with different terms?
Yes — that's exactly what this tool is built for. Different amounts, rates, and terms are all supported for both loans.
Does this work for any loan type?
Yes, for any fixed-rate, fully amortizing loan — auto, personal, student, or a straightforward mortgage comparison.
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This calculator provides estimates for informational purposes only and is not a loan offer or financial advice. See our Disclaimer.