Finance calculator

Loan Comparison Calculator

Compare two loans by monthly payment, total repayment, and interest.

FormulaCalculate each fixed payment, then compare payment and total interest

Formula

Loan comparison

Loan offers can include fees, prepayment penalties, insurance, and rate changes not included here.

Calculate each fixed payment, then compare payment and total interest

Compare a shorter higher-payment loan with a longer lower-payment loan.

FAQ6 common questions for this calculator.

FAQs

Can a lower payment cost more overall?+

Yes. A longer term can lower monthly payment while increasing total interest.

Should the loan amounts match?+

Use matching amounts for rate and term comparison, or different amounts for affordability comparison.

How does the Loan Comparison Calculator calculate the result?+

For the Loan Comparison Calculator, it uses the Loan comparison: Calculate each fixed payment, then compare payment and total interest. Compare a shorter higher-payment loan with a longer lower-payment loan.

What information do I need to use the Loan Comparison Calculator?+

Enter the money values, rates, dates, quantities, or assumptions requested by the form. Keep every amount in the same currency or business period before comparing the Loan Comparison Calculator result.

How accurate is the Loan Comparison Calculator?+

Loan Comparison Calculator is accurate for the rates, amounts, dates, and rules entered. It uses the Loan comparison shown on this page. Real products can differ because of fees, taxes, contract terms, or changing official thresholds.

What should I check before using the Loan Comparison Calculator result?+

For the Loan Comparison Calculator, check the entered amounts, rates, dates, and rules, then compare the Loan comparison and worked example with the contract or source you will rely on. Fees, tax year, currency, and payment timing can change the final decision.

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Finance guide

How to use the Loan Comparison Calculator

Compare two loans by monthly payment, total repayment, and interest. The page also explains the loan comparison and shows a practical example: Compare a shorter higher-payment loan with a longer lower-payment loan.

  1. 1

    Enter your details

    Enter the values for the loan comparison calculator scenario you want to check.

  2. 2

    Check the calculation

    Review the result alongside the loan comparison: Calculate each fixed payment, then compare payment and total interest.

  3. 3

    Compare scenarios

    Change one or more inputs to see how they affect the loan Comparison Calculator result before you use the estimate.