📊 Loan Comparison Calculator
Compare up to 4 loan options side by side. See monthly payments, total interest, and total cost for each loan. Perfect for mortgages, auto loans, personal loans, and refinancing decisions.
What Is a Loan Comparison Calculator?
A loan comparison calculator helps you evaluate multiple loan options side by side. Whether you're comparing mortgage offers, auto loans, personal loans, or refinancing options, this tool makes it easy to see which loan saves you the most money.
This calculator includes:
- Side-by-Side Comparison — compare up to 4 loans at once.
- Monthly Payment — see the monthly cost for each loan.
- Total Interest — understand the total cost of borrowing.
- Total Cost — principal + interest for each loan.
- Visual Charts — compare payments and costs at a glance.
- Amortization Schedule — see the full payment breakdown for any loan.
How Does the Loan Comparison Calculator Work?
The calculator uses the standard loan amortization formula:
Monthly Payment = P × [r(1+r)n] / [(1+r)n − 1]
Where: P = Loan amount, r = Monthly interest rate, n = Number of payments
Simply enter each loan's details — amount, rate, and term — and the calculator will compute the monthly payment, total interest, and total cost for each option. You can use the base rate and term fields to quickly apply default values to all loans.
Why Use This Loan Comparison Calculator?
- Side-by-Side: See all loan options clearly compared.
- Up to 4 Loans: Compare multiple offers or scenarios.
- Quick Defaults: Use base rate and term to populate all loans.
- Visual Charts: Instantly see which loan is best.
- Full Amortization: See the complete payment schedule.
- Free & Private: No registration, no data storage.
❓ Loan Comparison Calculator FAQ
What types of loans can I compare?
You can compare mortgages, auto loans, personal loans, student loans, and any other installment loans. The calculator works for any loan with a fixed interest rate and fixed monthly payments.
How is the monthly payment calculated?
The monthly payment is calculated using the standard amortization formula:
M = P × r × (1+r)n / ((1+r)n − 1)
Where P is the loan amount, r is the monthly interest rate, and n is the number of payments.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal loan amount. The APR (Annual Percentage Rate) includes the interest rate plus fees and other costs, giving you a more complete picture of the loan's cost.
How many loans can I compare?
You can compare up to 4 loans at once. Use the "Add Another Loan" button to add loans, and the "✕" button to remove them.
What is the best loan option?
The "best" loan depends on your priorities. The calculator shows you the lowest monthly payment, lowest total cost, and lowest total interest options, so you can choose what matters most to you.
Should I choose a shorter or longer loan term?
A shorter term means higher monthly payments but lower total interest. A longer term means lower monthly payments but more interest paid over time. The calculator shows both options so you can decide.
What is an amortization schedule?
An amortization schedule shows how each payment is split between principal and interest over the life of the loan. Early payments are mostly interest; later payments are mostly principal.
How accurate is this calculator?
This calculator provides accurate estimates based on standard amortization formulas. However, actual loan terms depend on your lender, credit score, and other factors. Use this as a planning tool and consult a lender for a precise quote.
Is this calculator free to use?
Yes, this calculator is completely free to use. No registration or personal data storage is required. All calculations are performed in your browser.
Can I use this to compare refinance options?
Yes! This calculator is perfect for comparing your current loan against refinance offers. Simply enter your current loan as one option and the refinance offers as others.