Compare two loan offers side by side — payment, total interest, and total cost — to see which one actually saves you money.
Enter your loan details
Loan A
$
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years
Loan B
$
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years
Your results
$0
Loan A Monthly Payment
$0
Loan B Monthly Payment
$0
Loan A Total Cost
$0
Loan B Total Cost
$0
You Save With Loan B
Loan ALoan B
How the Loan Comparison Calculator works
Two loan offers can look similar on paper but cost very different amounts once you run the full
numbers. This calculator computes the fixed monthly payment and full amortization schedule for
each loan independently, using the same standard formula applied twice — once for Loan A and
once for Loan B.
Comparing the resulting monthly payments side by side is useful, but the total cost over the
full term — all payments added together — is usually the more important number, since it
captures the effect of both the rate and the term.
Payment = (P × r) / (1 − (1 + r)^−n) — applied separately to Loan A and Loan B
The "you save" figure below highlights the difference in total cost between the two loans, so
you can see at a glance which offer is actually cheaper once every payment is accounted for.
Frequently asked questions
Look at the monthly payment, the total interest paid, the total cost over the full term, and any fees or closing costs. A loan with a lower rate can still cost more overall if it has a longer term or higher fees.
Yes. A lower monthly payment usually comes from a longer term, which means you're paying interest for more months — so the total cost of the loan can end up higher even though each individual payment is smaller.
Upfront fees and closing costs raise the true cost of a loan beyond its stated interest rate. Use the APR Calculator to see the effective annual rate once fees are factored in, so you can compare offers on equal footing.
A shorter term usually means less total interest, since the balance is paid down faster and accrues interest for less time — but it also means a higher monthly payment, so it only helps if that higher payment fits your budget.