Loan Comparison Calculator

Loan Comparison Calculator

When you apply for a loan, lenders often come back with more than one offer for the same amount — maybe a shorter term at a higher monthly payment, or a lower rate that comes with an origination fee. They can be hard to compare at a glance. This calculator puts two offers side by side for the same loan amount and shows what each one really costs.

Why the amount is fixed

Both options use the one loan amount you enter at the top. Holding it constant is what makes the comparison fair — you're looking at two ways to borrow the same money, so any difference in cost comes purely from the term, the interest rate, and the fee.

Look at interest and fees

The headline number is each option's total interest, but the fairest measure of cost is total interest + fees. A loan with a lower interest rate can still cost more once a chunky origination fee is added, so we total both and call out whichever option is cheaper overall.

Cheaper overall vs. lower monthly

Watch the trade-off: the option that costs less in total often has a highermonthly payment, usually because it's paid off over a shorter term. That can be the smarter long-run choice, but only if the bigger monthly payment fits your budget. The comparison shows both the monthly payment and the lifetime cost so you can weigh them.

Assumptions & limitations

Like our other calculators, this assumes fixed-rate loans repaid in equal monthly payments with interest compounded monthly — the norm for most personal loans, auto loans and mortgages in the United States. It isn't suitable for variable-rate credit, balloon payments, or other fees beyond origination.