Loan Comparison Calculator
Side-by-side comparison of multiple loan offers with total cost analysis. Compare monthly payments, total interest, fees, and effective APR to find the best loan for your needs.
Side-by-Side Comparison
Compare 2-4 loans simultaneously with all key metrics displayed in an easy-to-read table format.
Total Cost Analysis
See the complete picture including fees, total interest, and effective APR to find the true lowest cost option.
Best Option Highlighted
Automatically identifies the loan with the lowest total cost and shows potential savings compared to other options.
How It Works
Monthly Payment Calculation
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Standard loan payment formula where:
- M = Monthly payment
- P = Principal (loan amount)
- r = Monthly interest rate
- n = Number of payments
Total Cost Calculation
Total Cost = (Monthly Payment × Number of Payments) + Fees
This includes all interest paid over the life of the loan plus any upfront fees, giving you the true total cost of borrowing.
Effective APR
The effective APR accounts for fees by calculating what the interest rate would need to be to achieve the same monthly payment if the fees were rolled into the principal. This provides a more accurate comparison when fees vary between loans.
Frequently Asked Questions
How do I compare multiple loan offers?
Enter the loan amount, interest rate, term, and fees for each loan offer. Our calculator will show monthly payments, total interest, total cost, and effective APR for each loan side-by-side, highlighting the best option.
What is effective APR?
Effective APR is the true cost of borrowing including all fees. It's higher than the stated interest rate when fees are charged. This gives you a more accurate comparison between loans with different fee structures.
How many loans can I compare at once?
You can compare 2 to 4 loans simultaneously. This allows you to evaluate multiple offers from different lenders and choose the one with the lowest total cost.
Should I choose the loan with the lowest monthly payment?
Not always. A lower monthly payment might mean a longer term, which results in more total interest paid. Compare the total cost including fees to find the best overall deal.
What fees should I include?
Include all upfront costs: origination fees, processing fees, underwriting fees, closing costs, and any other one-time charges. Don't include ongoing costs like monthly insurance or service fees.
Is my loan information private?
Yes, completely! All calculations happen entirely in your browser. No loan data is ever sent to our servers, ensuring your financial information remains 100% private.