Loan Comparison Calculator
Compare two loan offers side by side.
Enter your values
Enter the loan amount in $.
Enter the offer a rate in %.
Enter the offer a term in years.
Enter the offer b rate in %.
Enter the offer b term in years.
Results update instantly as you type — no submit needed. Your values are remembered on this device, and the shareable link reopens the calculator with exactly these numbers.
- Cheaper overall
- Offer A
- Offer A payment
- $592.62
- Offer B payment
- $436.82
- Offer A total cost
- $35,557.29
- Offer B total cost
- $36,692.87
- Lifetime difference
- $1,135.57
Quick answer
The cheapest loan is the one with the lowest total of payments plus fees, which is not always the one with the lowest monthly payment.
At a glance
| What it does | Compare two loan offers side by side. |
|---|---|
| Category | Finance |
| Inputs needed | Loan amount, Offer A rate, Offer A term, Offer B rate, Offer B term |
| Main output | Cheaper overall |
| Cost | Free — no sign-up, no download |
How to use the Loan Comparison Calculator
- 1Enter the amount you need to borrow.
- 2Enter the rate and term of each offer.
- 3Compare total cost, not just the payment.
Inputs explained
- Loan amount($)
- Enter the loan amount in $.
- Offer A rate(%)
- Enter the offer a rate in %.
- Offer A term(years)
- Enter the offer a term in years.
- Offer B rate(%)
- Enter the offer b rate in %.
- Offer B term(years)
- Enter the offer b term in years.
Worked example
Using the values the calculator loads with:
Inputs
- Loan amount30000 $
- Offer A rate6.9 %
- Offer A term5 years
- Offer B rate5.9 %
- Offer B term7 years
Results
- Cheaper overallOffer A
- Offer A payment$592.62
- Offer B payment$436.82
- Offer A total cost$35,557.29
- Offer B total cost$36,692.87
- Lifetime difference$1,135.57
Frequently asked questions
Why is a longer term more expensive?
You pay interest for more years even at a lower rate.
Should I include fees?
Yes — add them to the loan amount or compare APRs instead.
What do I need to enter into the Loan Comparison Calculator?
Just 5 values: loan amount, offer a rate, offer a term, offer b rate, offer b term. Every field starts with a realistic example, so you can change one number at a time and watch the result update instantly.
How does the Loan Comparison Calculator work out the answer?
The cheapest loan is the one with the lowest total of payments plus fees, which is not always the one with the lowest monthly payment. The working is shown step by step so you can verify the result by hand.
Is the Loan Comparison Calculator free, and do I need an account?
It is completely free with no sign-up, no download and no usage limit. Everything is calculated in your browser, so the numbers you type never leave your device.
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.