Loan Comparison Calculator - Compare Payments, Interest, Fees & APR
Loan Comparison Calculator
Put up to three loan offers side by side
Side by Side
Payment, interest, fees and total cost for each offer in one table.
True APR
Fees are folded into an effective rate, so a low rate with high fees is not mistaken for a bargain.
Different Terms
Compare a cheaper monthly payment over more years against a shorter, costlier one.
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Comparing Loans Fairly
The lowest monthly payment is not always the cheapest loan. A longer term lowers the payment but adds interest, and upfront fees make a low headline rate more expensive than it looks. The cost of borrowing here is total interest plus fees, and the APR including fees is the rate at which your payments would repay only the money you actually receive after fees.
Example: 20,000 at 7.5% over 5 years costs 400.76 a month and 4,045.54 in interest. The same amount at 6.9% with a 500 fee costs 395.08 a month, 3,704.86 in interest plus the fee, so 4,204.86 in total: cheaper per month, but slightly more expensive overall. Results assume fixed rates and no early repayment.
Key Takeaways
- Look at total cost: A smaller payment can hide a larger bill.
- Fees count: Upfront fees raise the effective APR.
- Same amount: Compare offers for the same amount for a fair result.