Loan Comparison Calculator
Compare two loan offers on the same amount side by side. See each monthly payment and total interest, and find out which loan is cheaper.
- Payment A
- 483.32
- Interest A
- 3999.2
- Payment B
- 402.62
- Interest B
- 3988.88
- Cheaper
- B
How to use
- Enter the loan amount you want to borrow.
- Enter the rate and term in months for offer A and offer B.
- Compare the monthly payments and total interest, and see which loan is cheaper.
Examples
- $25,000: 6% / 60 mo vs 5% / 72 mo:
B is cheaper ($3,988.88 vs $3,999.20) - Lower rate but longer term:
compare total interest, not just rate
FAQ
- How do you decide which loan is cheaper?
- We compare the total interest paid over the full term of each loan. The offer with the lower total interest is flagged as cheaper.
- Why can a lower rate cost more overall?
- A longer term means more months of interest. A loan with a lower rate but a longer term can end up costing more total interest than a higher-rate, shorter-term loan.
- Should I just pick the lower monthly payment?
- Not always. A lower monthly payment often comes from a longer term, which usually means more total interest. Look at both the payment and the total interest before deciding.