🏦 Finance & Money

Loan Comparison Calculator

Compare two loans side by side — monthly payments, total interest, total cost, and exact savings. Find out which loan is truly cheaper before you sign.

🏦 Loan Comparison Calculator

Enter details for two loans — the calculator compares them instantly and declares the winner.

🔵 Loan A

Loan Amount

Annual Interest Rate

Loan Term

Upfront Fees (optional)

Origination fees, application fees etc.

🟢 Loan B

Loan Amount

Annual Interest Rate

Loan Term

Upfront Fees (optional)

Origination fees, application fees etc.

What Is a Loan Comparison Calculator?

This free loan comparison calculator shows you the true cost of two loans side by side — monthly payment, total interest paid, total cost including fees, and exactly how much you save by choosing the better option. In fact, two loans that look similar on the surface can differ by thousands of dollars in total cost. This loan comparison calculator makes those differences instantly visible so you choose the right loan before you sign.

Whether you are comparing personal loans, car loans, mortgages, student loans, or business loans, this loan comparison calculator handles all of them with the same accuracy. Furthermore, this loan comparison calculator accounts for upfront fees — which can make a lower-rate loan more expensive than it appears.

How Does This Loan Comparison Calculator Work?

Monthly Payment = P × r × (1+r)^n ÷ [(1+r)^n − 1]
Total Repaid = Monthly Payment × Number of Months
Total Interest = Total Repaid − Loan Amount
True Total Cost = Total Repaid + Upfront Fees
Savings = Loan A Total Cost − Loan B Total Cost

This loan comparison calculator applies the standard amortisation formula to both loans simultaneously, then adds upfront fees to calculate the true total cost of each. The loan comparison calculator then identifies which loan costs less overall — not just which has the lower monthly payment.

💡 A shorter loan term always means a higher monthly payment but lower total interest. A longer term means lower monthly payments but significantly more interest paid overall. This loan comparison calculator shows both — use it to find the balance between monthly affordability and total cost.

Why Upfront Fees Matter in This Loan Comparison Calculator

Upfront fees — origination fees, application fees, broker fees, and settlement costs — are often overlooked when comparing loans. A loan with a 5.5% rate and $2,000 in fees may cost more overall than a loan with a 6% rate and no fees, depending on the loan amount and term. This loan comparison calculator adds fees to the total cost calculation so you compare loans on a true apples-to-apples basis.

Loan Comparison Calculator — Frequently Asked Questions

Should I always choose the loan with the lower monthly payment?

Not necessarily. A lower monthly payment usually means a longer loan term, which means more total interest paid over the life of the loan. Use this loan comparison calculator to see the total interest and total cost for each option. The right choice depends on your cash flow needs and how much total interest you are willing to pay. This loan comparison calculator shows both perspectives clearly.

Can this loan comparison calculator compare loans with different amounts?

Yes — this loan comparison calculator works with any loan amounts, not just identical amounts. When comparing loans of different amounts, pay close attention to the total cost column rather than the monthly payment, since a larger loan naturally has higher payments even at a better rate.

Is this loan comparison calculator free?

Yes — this loan comparison calculator is completely free with no registration required. All calculations happen in your browser with no data sent anywhere.