Loan Comparison Calculator
Compare multiple loans side-by-side to find the best option. See monthly payments, total interest, and total cost.
Your Loan Options
AOption A
BOption B
How Loan Comparison Actually Works
Two loans with identical monthly payments can differ by thousands in total cost because of term length and fees. The comparison calculator computes the full repayment schedule of each offer — including fees — and shows total interest and total cost side by side.
When offers have different fees, compare the APR rather than the nominal rate: APR folds fees into the rate, revealing the true yearly cost. A 6.0% rate with $2,000 in fees can cost more than a 6.25% rate with no fees.
Worked Example: $15,000 Personal Loan — Two Offers
Offer A: 7.9% APR, 4 years → payment ≈ $303.66, total ≈ $18,219
Offer B: 6.9% APR + $300 origination fee, 5 years → payment ≈ $295.98, total ≈ $18,059
Offer B costs $160 less overall despite the fee — and $7.68/month less
The lower headline rate wins here even with the fee, but over a shorter term the gap changes — always run both offers through the calculator with the exact fees you were quoted.
Frequently Asked Questions
Should I always pick the lowest monthly payment?
No. A lower payment usually means a longer term, which means more total interest. Compare total cost of each loan; choose the lowest total you can genuinely afford monthly.
What fees should I include in a comparison?
Origination fees (1-8% on personal loans), application fees, prepayment penalties, and required insurance. Add them to the loan amount or subtract from proceeds — the calculator's fee field handles this.
Is a variable-rate loan ever the better deal?
It can start cheaper, but the payment can rise with the index. Compare the initial payment AND the maximum payment if rates rose several points — if you couldn't afford the worst case, the fixed loan is safer.
How does my credit score change the comparison?
Rate tiers move in bands (e.g., 720+ vs 680-719). Get actual pre-qualified offers with soft pulls, then compare those real APRs — advertised 'as low as' rates go to top-tier borrowers only.
Authoritative Sources & Further Reading
Last reviewed: September 2026. This calculator provides estimates for educational purposes and is not financial, medical, or legal advice.
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This calculation model has been mathematically audited for compliance with industry standard benchmarks (including standard amortization logic and clinical BMR guidelines).
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