Why should I compare loans before borrowing?

Comparing loans helps you understand the true cost of borrowing, including monthly payments and total interest, so you can choose the best option for your financial situation.

How much can a lower interest rate save me over time?

Even a small reduction in interest rate can save thousands of dollars in total interest, especially on large or long-term loans.

What’s the difference between total interest and monthly payment?

Monthly payment is what you owe each month, while total interest is the cumulative amount you’ll pay to borrow the money over the entire loan term.

Can I compare loans with different amounts or terms?

Yes, you can enter different amounts, interest rates, and repayment periods for each loan to see how they compare.

How accurate are the results?

The calculator uses standard formulas for fixed-rate amortizing loans. Results are estimates and may differ from your lender’s actual offer.

How can I save or share my comparison?

You can copy your results or export them as a PDF or Excel file using the built-in features, making it easy to save or share your analysis.

Loan Comparison Calculator

Compare two loans side by side.

Calculator Inputs

Compare two loans side by side

Loan A

Name

Principal ($)

APR (%, 0–100)

Term (years, 0.5–50)

Loan B

Name

Principal ($)

APR (%, 0–100)

Term (years, 0.5–50)

Comparison Results

Side-by-side: monthly payment and total interest

Metric	Loan A	Loan B	Difference
Monthly Payment	$1,663	$2,178	$515 less (A)
Total Interest	$348,772	$141,998	$206,774 more (A)

Balance Over Time

Remaining balance by year for both loans

Total Interest & Monthly Payment

Compare key metrics between loans

Yearly Breakdown

First 15 years. Download full schedule for all 30 years.

Year	Loan A Interest	Loan B Interest	Loan A Balance	Loan B Balance
1	$17,420	$15,950	$247,460	$239,817
2	$17,236	$15,268	$244,737	$228,952
3	$17,039	$14,541	$241,817	$217,359
4	$16,828	$13,764	$238,686	$204,990
5	$16,602	$12,936	$235,329	$191,793
6	$16,359	$12,052	$231,729	$177,712
7	$16,099	$11,109	$227,869	$162,687
8	$15,820	$10,103	$223,729	$146,657
9	$15,520	$9,029	$219,290	$129,553
10	$15,200	$7,884	$214,531	$111,303
11	$14,855	$6,661	$209,427	$91,831
12	$14,487	$5,357	$203,955	$71,055
13	$14,091	$3,966	$198,087	$48,888
14	$13,667	$2,481	$191,794	$25,236
15	$13,212	$897	$185,047	$0

For educational and estimation purposes only; not financial or legal advice. U.S. context. Loan terms vary by lender. Consult a financial advisor for your situation.

How It Works

Follow these steps to compare two loans:

Enter Loan Details for Loan A and Loan B
- Loan Amount ($): The total amount you plan to borrow for each loan.
- Interest Rate (%): The annual interest rate for each loan. Enter rates as percentages (e.g., 7 or 6.5).
- Loan Term (years): The number of years you will take to repay each loan.
Click “Calculate”
- The calculator processes both sets of inputs to display a side-by-side comparison.
Review the Comparison Results
- Monthly Payment: Shows how much you will pay each month for both loans, along with the dollar difference.
- Total Interest: Displays the total interest you’ll pay over the life of each loan, plus the difference.
Explore Visual Charts
- Balance Over Time: See how the remaining balance on each loan decreases year by year.
- Total Interest & Monthly Payment: Compare these key metrics visually to understand the trade-offs between options.
Check the Yearly Breakdown
- View the annual interest paid and remaining balance for each loan during the first 15 years. Download the full schedule for a complete 30-year view.
Use Copy and Export Features
- Copy: Quickly copy the results to use in emails or documents.
- Export PDF/Excel: Save or share your comparison as a PDF or Excel spreadsheet for more detailed analysis or record-keeping.

This straightforward process helps you make clear, informed choices about which loan is right for you.

Understanding Loan Comparisons

Comparing different loan options is a key step in making smart financial decisions. When you borrow money, whether for a home, a car, or another major purchase, loans can vary significantly in interest rates, repayment periods, and total costs. Even small differences can add up to thousands of dollars over time.

A loan comparison helps you see, side by side, how two loans stack up in terms of monthly payments and total interest paid.

This is especially important for long-term loans, such as mortgages, where loan terms and rates can significantly impact your financial future. Understanding these differences empowers you to choose the loan that best fits your budget and goals.

How This Calculator Helps

This Loan Comparison Calculator makes it easy to evaluate two loans at once. By entering the loan amounts, interest rates, and terms for Loan A and Loan B, you can instantly see:

The monthly payment for each loan
The total interest paid over the life of each loan
The exact difference in monthly payments and total interest between the two options

In addition, the calculator provides clear charts and a year-by-year breakdown of balances and interest paid, making it simple to visualize how each loan will play out over time. Export and copy features allow you to save and share your results for further analysis or discussions with lenders.