Free tool
Loan comparison calculator
Put two offers side by side. Enter the same loan amount with each lender's rate and term to see which costs less overall.
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How it works
How it works
Each loan's payment uses the standard fixed-rate formula. Total interest is the payment times the number of months, minus the amount borrowed. The last rows show the difference between the two.
FAQ
About this calculator
Should I pick the lower payment?
Not by itself. A lower payment from a longer term often costs more in total interest. Weigh the payment against the total cost.
Do fees matter?
Yes. Origination and other fees raise the real cost. Compare the APR and ask each lender for the full fee list.
What is APR?
The yearly cost of a loan including certain fees, shown as a rate, which makes offers easier to compare.
Is anything saved?
No. The math runs in your browser and nothing you enter is sent to us.
Is this a quote or advice?
No. It is a calculator for general information. Check results against your own figures before you rely on them.
Read the guide: How to Compare Two Loan Offers. Related: business loan payment calculator, loan amortization schedule calculator. See all free tools. More free tools: 1099-K reconciliation calculator, Current ratio calculator, Debt service coverage ratio calculator, or see all free tools.
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