Loan Comparison Calculator
Compare two loan offers side by side.
Enter your values
ⓘ Live results
Results
- Cheaper overall
- Offer A
- Offer A payment
- $592.62
- Offer B payment
- $436.82
- Offer A total cost
- $35,557.29
- Offer B total cost
- $36,692.87
- Lifetime difference
- $1,135.57
Quick answer
The cheapest loan is the one with the lowest total of payments plus fees, which is not always the one with the lowest monthly payment.
How to use the Loan Comparison Calculator
- 1Enter the amount you need to borrow.
- 2Enter the rate and term of each offer.
- 3Compare total cost, not just the payment.
Worked example
Using the values the calculator loads with:
Inputs
- Loan amount30000 $
- Offer A rate6.9 %
- Offer A term5 years
- Offer B rate5.9 %
- Offer B term7 years
Results
- Cheaper overallOffer A
- Offer A payment$592.62
- Offer B payment$436.82
- Offer A total cost$35,557.29
- Offer B total cost$36,692.87
- Lifetime difference$1,135.57
Frequently asked questions
Why is a longer term more expensive?
You pay interest for more years even at a lower rate.
Should I include fees?
Yes — add them to the loan amount or compare APRs instead.
About this calculator
- Built and reviewed by James Whitfield · How we build and test calculators
- Report an error
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.