Loan Comparison Calculator

Use our free loan comparison calculator to compare two loan offers side by side. See which loan has the lower monthly payment, total cost, and total interest. Make informed borrowing decisions.

Financial

Currency

Loan A - Amount

Loan A - Interest Rate (%)

Loan A - Term (years)

years

Loan B - Amount

Loan B - Interest Rate (%)

Loan B - Term (years)

years

Formula

Compare two loan offers side by side to see which one saves you money. Enter the amount, rate, and term for each loan to see monthly payment, total cost, total interest, and the difference between them.

M = P[r(1+r)^n] / [(1+r)^n - 1] compared side by side

Percentage: The percentage value you want to apply

Number: The original number or value

Result: The calculated result

How It Works

1Enter the loan amount, interest rate, and term for Loan A.
2Enter the loan amount, interest rate, and term for Loan B.
3The calculator compares monthly payments, total cost, and total interest.
4The better option (lower total cost) is highlighted.

Examples

$300,000 at 6.5% vs 6%, both 30 years

1.Loan A: $1,896.20/mo, total $682,633, interest $382,633
2.Loan B: $1,798.65/mo, total $647,514, interest $347,514
3.Difference: $97.55/mo, total $35,119, interest $35,119

Result: $97.55

Frequently Asked Questions

Compare the APR, monthly payment, total cost, total interest, loan term, and any fees. The lowest interest rate doesn't always mean the lowest total cost.

A longer term means lower monthly payments but more total interest. Shorter terms have higher payments but much lower total cost.

APR includes the interest rate plus fees, giving a more complete picture of loan cost.

Not necessarily — a lower monthly payment may mean a longer term with more total interest.

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How to Compare Loan Offers

CalculateMe Team

Last updated: 2026-07-15

Frequently Asked Questions

Compare the APR, monthly payment, total cost, total interest, loan term, and any fees. The lowest interest rate doesn't always mean the lowest total cost.

A longer term means lower monthly payments but more total interest. Shorter terms have higher payments but much lower total cost.

APR includes the interest rate plus fees, giving a more complete picture of loan cost.

Not necessarily — a lower monthly payment may mean a longer term with more total interest.

Loan Comparison Calculator

Formula

How It Works

Examples

$300,000 at 6.5% vs 6%, both 30 years

Frequently Asked Questions

What should I compare when choosing a loan?

How does loan term affect comparison?

What is the difference between interest rate and APR?

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

Related Calculators

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Loan Comparison Calculator

Formula

How It Works

Examples

$300,000 at 6.5% vs 6%, both 30 years

Frequently Asked Questions

What should I compare when choosing a loan?

How does loan term affect comparison?

What is the difference between interest rate and APR?

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

Related Calculators

Related Articles