Compare Two Loans Calculator
Two loans can look alike and still cost very different amounts. Enter each loan's amount, rate and length to put the monthly payments and total costs side by side.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
Each payment uses the standard loan formula, with that loan's monthly rate and number of months. The total paid is the payment times the number of months. The last figure is loan B's total minus loan A's total, so a negative number means loan B costs less.
Fees are not included. Compare the total cost as well as the monthly payment, since a longer loan can lower the payment and still raise the total.
Worked example
Loan A has a payment of $466.59 a month and costs $16,797.36 in all. Loan B has $311.38 a month and $18,682.52 in all. Loan B minus loan A is $1,885.16 in total.
Questions
Why is a lower payment not always better?
A longer loan usually costs more interest in total. The payment can look easier while the total rises.
What is left out?
Fees, insurance and any early repayment charge are not in the figures.
Can I use it for a car loan and a personal loan?
Yes. It works for any loan with equal monthly payments at a fixed rate.
More like this
- Mortgage CalculatorFull monthly payment, total interest and payoff date.
- Amortization CalculatorPayment and a month-by-month payoff schedule.
- Interest CalculatorSimple or compound interest on any amount.
- Future Value CalculatorWhat savings grow to with deposits.
- Savings CalculatorSavings growth with deposits and interest.
- Extra Payment CalculatorTime and interest saved by paying extra.