Free calculator
Loan Comparison Calculator
This tool runs the same amortization math on two competing offers and lines up the outcomes, so you can see each payment, each total cost, and which one is cheaper.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
How this calculator works
Two loans for the same amount can cost very different sums. This tool runs the amortization relationship on both and lines up the outcomes.
For each loan: Payment = P × i ÷ (1 − (1 + i)−n), and total interest = payment × n − P.
- P — the amount borrowed, identical for both
- i — the monthly rate (annual rate ÷ 1,200)
- n — the number of monthly payments
The cheaper loan is the one with the lower total cost, which is not always the one with the lower payment. A longer term can shrink the payment while growing the interest.
Enter the rates from your own offers; pricing follows the lender and your credit profile.