Loan Comparison Calculator
Compare three loan offers: payment, interest, fees, total cost and APR.
About this tool
Enter the lender, amount, rate, term and fees for up to three offers. Each shows its monthly payment, total interest, total cost of borrowing and APR including fees; the cheapest overall is outlined in green, and the summary warns when the lowest monthly payment is not the cheapest loan.
Comparing loans on total cost
Loan offers are designed to be hard to compare: one has the lowest rate but a large arrangement fee, another the lowest monthly payment because it runs a year longer. The fair comparison is total cost โ all interest plus all fees โ and APR, which expresses that cost as an annual rate. In the default example, a 15,000 loan at 7.9% over five years with no fee costs about 3,206; at 6.9% with a 500 fee it costs about 3,279 despite the lower rate; and at 7.4% over four years with a 100 fee it costs about 2,475 โ the cheapest overall, though its monthly payment is the highest. Choose the shortest term whose payment you can comfortably afford, because extra years always add interest. Check also for early-repayment charges if you might clear the loan early, and whether the rate is fixed. General information, not financial advice. The APR calculator explains a single offer, the loan calculator shows its schedule, the debt-to-income calculator checks affordability, and the budget planner fits the payment in.
Frequently asked questions
How do I compare two loans?
Compare total cost (interest plus fees) and APR, not just the monthly payment or headline rate. A longer term lowers the payment but raises the total.
Is a lower interest rate always cheaper?
No. A high arrangement fee can outweigh a lower rate, especially on smaller or shorter loans. APR including fees shows which is really cheaper.
Should I choose a shorter or longer loan term?
The shortest term you can comfortably afford โ it costs less in total. A longer term only makes sense if the payment would otherwise strain your budget.
Is anything stored?
No. The comparison runs in your browser.