Loan Comparison Calculator
Compare two loans side-by-side. See monthly payments, total cost, and interest differences to choose the best option.
Financial Disclaimer
This calculator is for educational purposes only and does not constitute financial advice. Results are estimates based on the inputs provided. Consult a qualified financial advisor before making investment or financial planning decisions.
Loan 1 Monthly Payment
$1,264.14
Loan 2 Monthly Payment
$1,330.60
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
$479,017.80
Loan 2 Total Interest
$279,017.80
Total Interest Difference
-$23,928.82
How to Use This Calculator
- Enter the amount, interest rate, and term for Loan 1.
- Enter the same details for Loan 2 you are comparing.
- Review the monthly payment, total cost, and total interest for each loan.
- The differences at the bottom show which loan is cheaper monthly and over the full term.
- A lower rate may not always save money if the term is longer — compare total cost, not just monthly payment.
Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]Related Calculators
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