Loan Comparison Calculator
Compare two loan offers side by side to see which one actually costs less.
Compare Two Loans
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Lower Total Cost
| Metric | Loan A | Loan B |
|---|---|---|
| Monthly Payment | $0 | $0 |
| Total Interest | $0 | $0 |
| Total Cost | $0 | $0 |
Difference in Monthly Payment$0
Difference in Total Cost$0
How to Compare Loans the Right Way
Monthly payment alone doesn't tell the whole story — a loan with a lower monthly payment can still cost more overall if it has a longer term or higher rate. This calculator shows both the monthly payment and the total cost over the life of each loan, so you can see the real trade-off.
Frequently Asked Questions
Should I always pick the loan with the lower monthly payment?+
Not necessarily. A longer loan term usually lowers your monthly payment but increases the total interest you pay over time. Compare both the monthly payment and total cost before deciding.
What other costs should I compare besides rate and term?+
Also compare origination fees, closing costs, prepayment penalties and whether the rate is fixed or adjustable — these can meaningfully change which loan is actually cheaper.