Loan Comparison Calculator
Compare up to four loan offers side by side: monthly payment, total interest, fees and true APR
Loan Offers
Cheapest overall: Offer C
$3,843
in interest and fees, $2,614 less than the most expensive offer · lowest monthly payment: Offer B at $592.62
Lowest total cost
Offer C
$3,843 in interest and fees
Lowest monthly payment
Offer B
$592.62 a month
Lowest APR
Offer A
7.50% including fees
Cheapest vs most expensive
$2,614
saved over the life of the loan
Total cost of each offer
Interest over the whole term plus upfront fees
Interest and fees paid over time
Cost so far, which is also the total cost if you repay at that point
Offers Side by Side
| Offer | Rate | Term | Monthly Payment | Total Interest | Fees | Interest + Fees | APR |
|---|---|---|---|---|---|---|---|
| Offer A | 7.50% | 5 yr | $601.14 | $6,068 | $0 | $6,068 | 7.50% |
| Offer BLowest payment | 6.90% | 5 yr | $592.62 | $5,557 | $900 | $6,457 | 8.18% |
| Offer CCheapest | 8.00% | 3 yr | $940.09 | $3,843 | $0 | $3,843 | 8.00% |
APR spreads the fees over the loan, so offers with different fees and rates can be compared on one number.
How to Compare Loan Offers
The lowest rate isn't always the cheapest loan. Upfront fees, such as origination fees, add to the cost, and a longer term lowers the payment but adds interest. Compare the total interest plus fees for what the loan really costs, the APR for a single rate that includes fees, and the monthly payment for what fits your budget.
The Formulas
Payment = P × r ÷ (1 − (1 + r)^−n)
Total cost = payment × n − P + fees
APR: the rate at which payments repay P − fees
P is the loan amount, r the monthly rate and n the number of payments.
Comparison Tips
- •Get quotes on the same day for the same amount
- •Ask whether fees are paid upfront or added to the loan
- •If you might repay early, upfront fees matter more
- •Check for prepayment penalties
- •A shorter term costs less in total but raises the payment