Loan Comparison Calculator

Type in two or three offers. The table shows the payment, the total interest, the fees and the real APR for each, and marks the cheapest with a tick.

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Compare the total cost, not the monthly payment

Lenders advertise the monthly payment because a longer term makes it look small. The number that matters is the total cost of borrowing: all the interest plus all the fees. In the example above the online lender has the lowest rate and the lowest payment, yet it costs the most, because of a 5% fee and 72 months of interest.

Three things to put in

  • Rate: use the APR from the offer. If the lender quotes a "flat rate" (interest on the original amount every year, common in some countries), the real APR is nearly double; ask for the reducing-balance rate or the APR.
  • Fee: origination, processing or arrangement fees. They are deducted from what you receive or added to the balance; either way they raise the real APR.
  • Term: the same amount over more months means more interest. Compare offers on the same term when you can.

Reading the table

A tick marks the best value in each row: lowest payment, lowest interest, lowest real APR, lowest total cost. The sentence under the table tells you which loan is cheapest overall and how much more the "low payment" offer costs in total.

One loan in detail

For the full amortization table, the payoff date and the effect of extra payments on a single loan, use the loan calculator. For home loans use the mortgage calculator.

FAQ

Which loan is cheaper: lower rate or lower fee?
It depends on the term. A fee is paid once; a higher rate costs more every month. The real APR line combines both so you can compare directly.
Can I compare loans with different terms?
Yes, but look at the total cost line, not the monthly payment. A longer term always lowers the payment and raises the total interest.
What is real APR?
The rate that includes the fees, found by solving for the rate at which the money you actually receive equals the payments you make. It is the fair way to compare offers.
Is anything saved or sent?
No. The comparison runs in your browser.

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