Loan Comparison Calculator
Compare two loans side by side to find the best deal including total cost and monthly payment.
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Frequently Asked Questions
How do I choose between two loan offers?
Compare total cost (not just monthly payment). A lower monthly payment with a longer term often costs more overall. Check: total interest paid, all fees (origination, prepayment penalties), APR (includes fees — more accurate than rate alone), flexibility (can I pay extra without penalty?), and lender reputation. The lowest APR with no prepayment penalties is usually the best deal.
When is a higher monthly payment worth it?
A higher monthly payment (shorter term loan) is worth it when: total interest savings are significant, you have stable income to handle the payment, and you want to pay off debt faster. Paying $200 more per month on a $25,000 loan at 7% by choosing 36 months over 60 months saves over $2,000 in interest and gets you debt-free 2 years sooner.
What fees should I look for when comparing loans?
Key fees to compare: origination fee (0-5% of loan amount), prepayment penalty (charged if you pay off early — avoid), late payment fees, returned payment fees, and annual fees on lines of credit. Always ask for the APR which includes all fees for an apples-to-apples rate comparison between lenders.