Got more than one loan offer? This loan comparison calculator puts up to three loans side by side so you can see exactly how a different interest rate, loan term or loan amount changes your monthly payment, total interest and total cost. Type a term in years or months, or tap a preset.
Loan Comparison Calculator
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How to compare loan offers
- Compare APR, not just the rate. APR includes most lender fees, so it’s the fairest way to compare offers for the same amount and term.
- Look at total interest, not only the payment. A longer term lowers the monthly payment but usually costs much more over the life of the loan.
- Check for origination fees and prepayment penalties. A fee deducted from your proceeds means you receive less cash than you borrow.
- Make sure the payment fits your budget. Many lenders want your total debt payments at or below about 36% of gross income.
Example: shorter term vs. lower payment
A $25,000 loan at 12.36% for 60 months costs about $560.67 a month and $8,640 in interest. The same amount at 10.5% for 36 months costs about $812.56 a month but only about $4,252 in interest. The shorter loan saves roughly $4,388 if you can handle the higher payment.
Frequently asked questions
Is a lower monthly payment always better?
No. A lower payment often comes from a longer term, which means you pay interest for more months. Use the total interest row to see the real cost.
Can I compare a personal loan with a car loan or mortgage?
Yes. The math is the same for any fixed-rate installment loan. Enter each loan’s amount, APR and term.
Related tools and guides: Loan Payment (EMI) Calculator, Best Personal Loans, Debt Consolidation Loans, All Financial Calculators.