Loan Comparison — Compare Two Loans Side by Side
Compare two loan offers to find the best option. See monthly payments, total interest, and total cost side by side. All calculations happen locally — nothing leaves your browser.
How to Use the Loan Comparison
- Enter Loan A details — amount, interest rate, term, and optional extra payments.
- Enter Loan B details — compare a different lender, term, or rate.
- Review the comparison — see which loan saves you more money.
- Check the balance chart — see how each loan pays down over time.
Frequently Asked Questions
Not necessarily. A lower monthly payment often means a longer term and more total interest. Compare the total cost of each loan, not just the monthly payment. A shorter term with higher payments can save you thousands.
Extra payments reduce the principal faster, which means less interest accrues. If one loan allows prepayment without penalty and the other doesn't, this can significantly affect which loan is the better choice.
This calculator compares principal and interest only. When making a real decision, factor in origination fees, closing costs, points, and any prepayment penalties. The loan with the lower rate isn't always the cheapest after fees.