Loan Comparison Calculator
Put two offers side by side.
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Loan Comparison Calculator by TheCalcTools
How the Loan Comparison Calculator works
Enter the amount and each offer’s rate, term and upfront fees.
The calculator finds each monthly payment and the total interest plus fees.
It names the cheaper offer over the full term.
The formula
Worked example
Using the default values shown in the calculator:
| Loan amount | $20000 |
|---|---|
| Offer A rate (APR %) | 7.5 % |
| Offer A term (years) | 5 |
| Offer A fees | $400 |
| Offer B rate (APR %) | 8.5 % |
| Offer B term (years) | 4 |
| Offer B fees | $0 |
- Offer A: $400.76 a month for 5 years, with $400 in fees.
- Offer B: $492.97 a month for 4 years, with no fees.
- Total cost: A $4,446, B $3,662. Offer B is cheaper.
Result:
| Offer A monthly payment | $400.76 |
|---|---|
| Offer B monthly payment | $492.97 |
| Offer A total cost (interest + fees) | $4,446 |
| Offer B total cost (interest + fees) | $3,662 |
| Cheaper overall | Offer B |
Frequently asked questions
Is the lower payment always better?
Not necessarily. A longer term lowers the payment but usually costs more interest. Compare total cost and your monthly budget.
What if I plan to repay early?
Check for prepayment penalties and compare the cost for the period you expect to hold the loan.
Sources and further reading
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This calculator gives estimates for information only. It is not financial advice, and your lender's or provider's figures will govern. Rates, fees and rules vary. See our disclaimer.