Compare two loans side by side to see which offers better terms. This tool processes all data locally in your browser. No information is ever sent to any server. Completely free, no registration required.
A Loan Comparison Calculator lets you compare up to three different loan offers side by side to determine which one truly costs less. Lenders often present loans differently — one might have a lower interest rate but higher origination fees, another might offer a longer term with lower monthly payments but higher total interest, and a third might be an adjustable-rate loan (ARM) with a temporarily low teaser rate. Without a systematic comparison, it's easy to choose the loan with the lowest monthly payment and end up paying thousands more in total. This calculator strips away the marketing and shows the numbers that matter: APR (Annual Percentage Rate, which includes fees), total interest paid, total cost of the loan, and amortization schedules.
Enter the details for up to three loan offers: loan amount, interest rate, loan term (months), and any upfront fees or points. The calculator computes the true APR (which accounts for fees), monthly payment, total interest, and total cost for each loan. It then ranks the loans by total cost and highlights which saves you the most. For adjustable-rate loans, you can also enter the initial fixed period, adjustment frequency, and rate caps.
Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]\n\nTrue APR (with fees) ≈ Rate + (Fees ÷ Loan Amount) ÷ Number of Years\n(precise calculation uses iterative formula per Regulation Z)\n\nTotal Cost = (Monthly Payment × n) + Fees + Points\nTotal Interest = (Monthly Payment × n) − Loan Amount\n\nSavings = Cost of Higher Loan − Cost of Lower Loan
The interest rate is the basic cost of borrowing, expressed as a percentage of the loan. APR (Annual Percentage Rate) includes the interest rate PLUS most fees and costs (origination, points, mortgage insurance), giving you the total annual cost. By law, lenders must disclose APR. Always compare APR, not interest rate.
Not necessarily. A lower monthly payment often means a longer loan term, which means paying more total interest. Compare the total cost of each loan (monthly payment × number of payments + fees). The lowest total cost is usually the best deal.
A general rule: refinancing is worth it if you can reduce your interest rate by at least 1% AND you plan to keep the loan long enough to break even on closing costs. Calculate: Break-Even Months = Closing Costs ÷ Monthly Savings. If you'll stay longer than the break-even, refinancing saves money.
Free online Loan Comparison Calculator — no signup, 100% client-side processing. All data stays in your browser.