Loan Comparison Calculator
Compare two loans side-by-side. See monthly payments, total cost, and interest differences to choose the best option.
Loan 1 Monthly Payment
$1,264.14
Loan 2 Monthly Payment
$1,330.6
Monthly Payment Difference
-$66.47
Total Cost Difference
-$23,928.82
Inputs
Comparison
Loan 1 Total Cost
$455,088.98
Loan 1 Total Interest
$255,088.98
Loan 2 Total Cost
$479,017.8
Loan 2 Total Interest
$279,017.8
Total Interest Difference
-$23,928.82
How to Use This Calculator
- Enter values in both columns to compare scenarios side by side. This layout lets you see how changing one variable affects the outcome relative to another scenario.
- Loan 1 Amount — Principal amount for first loan default: 200,000.
- Loan 1 Interest Rate — Annual interest rate for first loan default: 6.5.
- Loan 1 Term — Loan term in years default: 30 years.
- Loan 2 Amount — Principal amount for second loan default: 200,000.
- Loan 2 Interest Rate — Annual interest rate for second loan default: 7.
- Loan 2 Term — Loan term in years default: 30 years.
- Once all inputs are set, review your results in the Results panel. Here's what each output means:
- Loan 1 Monthly Payment — shown as a dollar amount. This is the primary result of this calculator.
- Loan 2 Monthly Payment — shown as a dollar amount. This is the primary result of this calculator.
- Monthly Payment Difference — shown as a dollar amount. This is the primary result of this calculator.
- Total Cost Difference — shown as a dollar amount. This is the primary result of this calculator.
- Loan 1 Total Cost — shown as a dollar amount.
- Loan 1 Total Interest — shown as a dollar amount.
- Loan 2 Total Cost — shown as a dollar amount.
- Loan 2 Total Interest — shown as a dollar amount.
- Total Interest Difference — shown as a dollar amount.
- Explore the related calculators below if you need deeper analysis or want to approach this topic from a different angle.
Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]Related Calculators
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