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.
Prefer to talk it through? Take the free books check or contact us.
Share
Put this tool on your own site
Free to use. Paste this where you want it to appear. It runs in the visitor's browser, so nothing they enter is sent to us, and the line under it links back to this page.
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: Quarterly estimated tax calculator, Cost of goods sold calculator, Tax deduction checklist, or see all free tools.
Free
Month-End Close Checklist (PDF)
The five-day close, one page to print. Enter your email and we send a link to confirm it is yours, then the download. We may email you about new toolkits, and every email has an unsubscribe link.
General information, not tax or legal advice. How we write and check our tools.