Loan Comparison Calculator
Received multiple loan offers? Use this calculator to compare them side-by-side. Enter the details for up to 3 loans to see which option costs less over time, even if monthly payments look similar.
How We Calculate This
Each loan's monthly payment is calculated using the standard amortization formula. Total cost includes all payments plus upfront fees. The best loan is determined by lowest total cost.
Frequently Asked Questions
Should I always choose the lowest rate?
Not necessarily. Consider the total cost including fees. A loan with a slightly higher rate but no fees might cost less overall than a lower-rate loan with high origination fees.
How do origination fees affect the loan cost?
Origination fees are typically 1-8% of the loan amount and are added to your total cost. A $20,000 loan with a 3% origination fee costs an extra $600 upfront.
Is a shorter loan term always better?
Shorter terms have higher monthly payments but lower total interest. Choose based on what you can afford monthly while still saving on interest.
What is APR vs interest rate?
APR (Annual Percentage Rate) includes the interest rate plus fees, giving a more complete cost picture. Two loans with the same rate but different fees will have different APRs.
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