About the Loan Comparison Calculator
It's hard to compare loans by rate alone — a lower payment often hides a longer term and more interest. This tool lines up two or three offers side by side, showing the monthly payment, total interest, and total cost of each so you can see which one really costs less.
How it’s calculated
Each offer is amortized independently: monthly payment from the standard loan formula, total interest = payment × months − amount, total cost = amount + total interest. The offer with the lowest total cost is highlighted.
Example calculation
A $20,000 loan at 7% over 5 years versus the same amount at 6% over 6 years: the second has a lower payment but can cost more in total interest — the comparison makes the trade-off clear.
Frequently asked questions
Is the cheapest offer always best?
Not necessarily. "Cheapest" here means lowest total cost, but a lower monthly payment on a longer term may fit your budget better even if it costs more overall. Weigh both.
Can I compare three offers?
Yes — add a third offer under Advanced options. Leave its amount at zero to compare just two.
This calculator provides estimates for educational purposes and should not be considered financial, tax, or legal advice. Your actual figures may vary with lender terms, fees, and market conditions.