Loan Comparison Calculator
Put two loan offers side by side and compare payments and total cost including fees.
Free · No sign-up · Your inputs stay in your browser
Your numbers
Put two offers side by side
Your projection
Offer A costs less in total
Offer A payment
$640.66
$3,064 total cost.
Offer B payment
$404.57
$4,874 total cost.
Difference in total cost
$1,811
A lower rate on a longer term can cost more in total. Compare the total cost first, then check which payment the budget can carry without strain.
About this tool
Method, assumptions, practical next steps, and limits.
Compare totals before payments
Lenders often lead with the monthly payment, which a longer term can make look small. The total cost shows what the loan really charges.
How the calculation works
Total cost = payment × months + fees − amount borrowed
For $20,000, Offer A at 9.5% for 36 months costs $640.66 a month and $3,064 in total. Offer B at 7.9% for 60 months with a $600 fee costs $404.58 a month but $4,874 in total, because the lower rate runs for two more years.
Then check affordability
The cheaper loan is not always the right one if its payment strains the budget. A lower payment with the option to prepay can work, if the loan has no prepayment penalty and you actually make the extra payments.
