Loan Comparison Calculator
Two loan offers side by side.
Side-by-side loan math on your own device — always privateYour payment breakdown appears here
Fill in the loan details and press Calculate — the monthly payment, total interest and schedule will render right on this page, with nothing sent to any server.
How to use
Loan offers rarely line up neatly: one has a lower rate but a longer term, another a higher payment but a faster payoff. This calculator puts two offers side by side on payment, total cost and the cheaper plan so you compare apples to apples.
How to use
- Enter the amount, APR and term for Plan A and Plan B.
- Press Calculate to see both monthly payments, both total costs and which plan is cheaper.
Example
Plan A: $20,000 at 6.5% for 5 years — payment $391, total cost about $43,480. Plan B: $20,000 at 5.5% for 6 years — payment $327, total cost about $43,540. Plan A has the higher payment but is about $60 cheaper overall because the longer term feeds interest.
Formula
Each plan: payment = PMT(amount, rate, term) and total cost = payment × months + down/principal included. The cheaper plan is the one with the lower total cost, not the lower payment.
Payment is not the whole story
The lowest payment can be the most expensive loan. The comparison is about total cost — the number that actually leaves your wallet.
Add your own scenario
Comparing a 72-month low-rate offer against a 60-month higher-rate one? That is exactly the shape of the example above — run your real numbers through the same two boxes.
Include the fees you know
If one offer carries an origination fee and the other does not, add the fee to that plan total mentally — or run each offer through the APR tool and compare the effective rates directly. Fees change the ranking even when the nominal rates look close.
FAQ
Lowest payment wins?
Not always — check total cost, which includes the term length. A longer term can hide a more expensive loan.
What if the amounts differ?
The calculator handles different amounts per plan; total cost comparison stays meaningful because both include their principal.
Should I also compare fees?
This compares rate and term only. For fee-adjusted offers, run the loan calculator with APR tool on each and compare those effective rates.
How is this different from refinancing?
Refinancing compares old vs new on the same loan; this compares two separate offers side by side.
Reviewed by the LoanMath editorial team