Loan Comparison Calculator
Compare two loan offers side by side — monthly payment, interest, fees, APR and total cost — to see which is cheaper overall.
Your inputs
Results
Lower total borrowing cost
Loan A
- Cost difference
- $391.79
- Loan A — monthly payment
- $386.66
- Loan B — monthly payment
- $322.10
- Loan A — interest + fees
- $3,199.35
- Loan B — interest + fees
- $3,591.14
- Loan A — APR incl. fees
- 6%
- Loan B — APR incl. fees
- 5.704%
✓Exact calculation — rounded only for display
| Metric | Loan A | Loan B |
|---|---|---|
| Monthly payment | $386.66 | $322.10 |
| Total interest | $3,199.35 | $3,191.14 |
| Fees | $0.00 | $400.00 |
| Total paid incl. fees | $23,199.35 | $23,591.14 |
Inputs are never added to links for financial, salary or health calculators.
What this calculator does
A lower rate does not always mean a cheaper loan once fees and term are taken into account. This tool puts two offers on the same footing.
Formula and method
Worked example
Calculated by this tool with its default inputs:
Inputs
- Loan A — amount: 20000 (any currency)
- Loan A — interest rate: 6 %
- Loan A — term (months): 60
- Loan A — upfront fees: 0 (any currency)
- Loan B — amount: 20000 (any currency)
- Loan B — interest rate: 5 %
- Loan B — term (months): 72
- Loan B — upfront fees: 400 (any currency)
Results
- Lower total borrowing cost: Loan A
- Cost difference: 391.79
- Loan A — monthly payment: 386.66
- Loan B — monthly payment: 322.1
- Loan A — interest + fees: 3,199.35
- Loan B — interest + fees: 3,591.14
How to read the results
The cheaper loan by total cost is not always the one with the lowest payment; longer terms lower payments but usually raise total interest.
Assumptions and limitations
- Assumes both loans are kept to the end of their terms; if you may repay early, fees weigh more heavily.
Financial results are estimates based on the inputs and assumptions shown. They are not financial advice; confirm figures with your lender, provider or a qualified adviser before making decisions.
Questions
What if the loan amounts differ?
Compare APR and total cost per unit borrowed; a larger loan will naturally cost more in absolute terms.
Methodology and verification
- Result type
- Exact mathematical calculation (rounded only for display)
- Formula version
- 1.0
- Automated verification
- 3 reference and validation test cases, checked against independently computed values. The site cannot be built if any of them fail.
- Editorial review
- Awaiting human editorial review. The explanation was drafted with AI assistance; the formula and examples are verified by the automated tests above.
Privacy
Everything you enter is calculated in this browser and is not sent to Numerith or anyone else. Because this calculator can involve personal financial or health details, your inputs are never added to share links or saved to history. Privacy policy