Calculator
Loan Comparison Calculator
Compare up to 4 loan offers side-by-side to see which one really costs less. The lowest monthly payment isn’t always the cheapest option once you factor in interest and fees.
TL;DR — Loan Comparison
Compare total cost, not just monthly payments. A lower monthly payment with a longer term often costs thousands more in interest. Enter up to 4 loan offers to see which truly costs less after factoring in APR, term length, and origination fees.
Compare Your Loan Offers
Enter the details for each loan offer you want to compare.
Comparison Summary
Loan 1 is the best option
You’ll save $990 compared to the most expensive option.
This comparison is based on total cost (principal + interest + fees). Consider your monthly budget and how long you want to be in debt when making your final decision.
How to Use This Calculator
Enter the details for each loan offer you’re considering. You can compare up to 4 loans at once. If you only have 2-3 offers, leave the others with default values or set the amount to 0.
- Loan Amount: The total amount you’re borrowing
- APR: The annual percentage rate (interest rate)
- Term: How many months you have to repay
- Origination Fee: A one-time fee some lenders charge (deducted from your loan)
What “Total Cost” Means
Total cost = Amount borrowed + Total interest paid + Origination fee. This is the true cost of the loan and the best number to compare when choosing between offers.
Why the lowest payment isn’t always best
A 60-month loan has lower payments than a 36-month loan, but you’ll pay thousands more in interest. Always compare total cost, not just monthly payment.
Loan Comparison FAQ
Should I always choose the loan with the lowest total cost?
Not necessarily. If your monthly budget is tight, a longer term with slightly higher total cost might be more manageable. Balance total cost with what you can comfortably afford each month. Consider your cash flow needs and financial goals.
What if one loan has a higher rate but no origination fee?
This calculator accounts for that. Sometimes a higher rate with no origination fee costs less than a lower rate with a 5% fee, especially on shorter terms. Always compare total cost, not just APR.
Are these calculations exact?
These are close estimates using standard amortization formulas. Actual numbers may vary slightly based on exact payment dates, rounding, and lender-specific terms. Use these as a comparison tool, then verify final numbers with each lender.
What’s included in total cost?
Total cost includes the principal amount borrowed plus all interest paid over the loan term plus origination fees. This gives you the true cost of borrowing and is the best number to compare between offers.
How do origination fees work?
Origination fees are typically deducted from your loan amount upfront. If you borrow $10,000 with a 3% fee, you receive $9,700 but still owe $10,000. Some lenders add the fee to your loan balance instead. This calculator treats it as an additional cost.
Can I pay off a loan early to save money?
Yes, most personal loans allow early payoff without penalties, which reduces total interest paid. Check your loan agreement for prepayment terms. If you plan to pay early, a loan with no origination fee may be better even with a slightly higher rate.
What’s a good APR for a personal loan?
Personal loan APRs typically range from 6% to 36% depending on your credit score. Excellent credit (720+) may qualify for 6-10%, good credit (680-719) for 10-15%, fair credit (640-679) for 15-25%, and below that rates can exceed 25%.
Ready to check your rate?
See personalized offers from multiple lenders without affecting your credit score.
Explore Loan OptionsOr get your Free Property Report — instant satellite measurements, no signup required.