Loan Comparison Calculator

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Loan Comparison Calculator — Compare Loans Side by Side

Use this loan comparison calculator to evaluate multiple offers side by side and spot the real best deal—beyond headline rates. Lenders often advertise a tempting rate, but your true cost depends on more than APR alone. Upfront fees, the repayment term, and how interest compounds all change your monthly payment and the total cost you’ll pay over time.

Our tool is built for U.S. borrowers and makes it effortless to compare 2 loans side by side (or more). Enter the amount, APR, years, and optional fees for each loan, then click Calculate. You’ll instantly see the lowest monthly payment, the best total-cost option, and a clear summary table with ranks—so you can choose with confidence.

See the whole picture
APR + fees + term → monthly payment & total cost.
Side-by-side clarity
Add banks and offers in seconds—ranked automatically.
For every loan type
Auto, mortgage, personal, and student loans.

Loan Comparison Calculator — Pro

Compare multiple loans side-by-side. Enter amount, APR, term, and fees to find the best deal.
Fields: Name • Amount • APR% • Term (years) • Upfront Fees (optional). Compounding assumed monthly.
#Loan NameAmountAPR %Term (years)Fees ($)

Best Monthly Payment

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Best Total Cost

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Cheapest APR/Term Combo

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Results
Payments & Total Cost (chart)

How to Use the Loan Comparison Calculator (Step-by-Step)

Follow these simple steps to compare loans side by side and understand the true monthly payment and total cost before you commit.

Loan comparison calculator screenshot showing Navy Federal, PenFed, Bank of America, and LightStream loan costs side by side.
Example results from our Loan Comparison Calculator — compare Navy Federal, PenFed, Bank of America, and LightStream side by side to see monthly payments and total costs. (Rates vary over time)
⚠️ Important Note

The comparison shown above is a sample scenario using publicly advertised rates as of today. Actual loan offers may differ depending on your credit profile, loan amount, state of residence, and lender policies.

  • APR rates change frequently — always confirm with the lender before applying.
  • Navy Federal and PenFed require membership eligibility to apply.
  • Some lenders may charge dealer or documentation fees not included in this example — add these to “Fees” for a true cost comparison.
  • “Best Total Cost” highlights the cheapest long-term option, while “Best Monthly Payment” focuses on short-term affordability.

Always use this loan comparison calculator side by side with your actual lender quotes to make the best financial decision.

  1. Enter loan names — label each offer (e.g., Bank A, Bank B) so your results are easy to read in the table and chart.
  2. Set the loan amount — the principal you plan to borrow (e.g., $25,000 for an auto loan or $300,000 for a mortgage).
  3. Enter the APR % — APR reflects interest plus certain finance charges; we’ll use it to estimate your true cost.
  4. Choose the term (years) — longer terms lower the monthly payment but increase total interest.
  5. Add upfront fees (optional) — enter $0 if none.
  6. Click Calculate — add more loans with Add Loan, or start fresh with Reset.
Best Monthly Payment
Shows the offer with the lowest monthly out-of-pocket.
Best Total Cost
The lowest total cost over the whole term (principal + interest + fees).
Cheapest APR/Term Combo
The most efficient mix of APR and years—often a shorter term at a fair rate.
Pro Tips
  • Test different terms to see how small changes affect total interest.
  • If you plan extra payments, re-run with a shorter term that mimics your payoff target.
  • Include fees whenever possible—low APR with high fees can be more expensive overall.

Why Loan Comparisons Matter in the U.S. Market

The U.S. lending market is highly diverse. Banks, credit unions, and online lenders offer different terms, fees, and promotions. Without comparing, you might focus only on the headline APR and miss hidden costs that make a loan more expensive than it looks.

Using a reliable loan rate calculator or an interest rate comparison calculator helps you see the full picture. A loan that looks cheap on paper may include extra fees that raise your total cost. Side-by-side comparisons reveal the option that truly fits your budget and long-term goals.

Auto Loans
Low APRs can be offset by dealer or documentation fees—compare total cost, not rate alone.
Mortgage Loans
Longer terms lower monthly payments but increase lifetime interest. Closing costs matter.
Personal Loans
Origination fees and prepayment penalties can change the real value of the loan.
Student Loans
Federal vs. private options vary widely; refinancing may reduce APR but remove protections.

Example: A 5.5% APR personal loan with a $500 origination fee can cost more than a 6% APR loan with no fees—your calculator shows the difference instantly in total cost.

Loan Math — Formulas by Loan Type

Symbols: P = principal • r = monthly rate (APR/12) • n = number of months • F = upfront fees ($) • f = fee rate (% of P) • t = sales tax rate • d = deferment months • M = monthly payment

Core Amortization

r = APR / 12
M = P · r / (1 − (1 + r)−n)
Total paid = M · n
Total interest = (M · n) − P
Total cost incl. fees = (M · n) + F

Auto Loans

If taxes or dealer fees are financed, update principal before computing M.

Pauto = (Vehicle price − down payment) · (1 + t) + financed fees
Then compute M using the core formula on Pauto.

Mortgage Loans

Points and closing costs affect total cost. If points are k% of P and paid upfront, add to F; if financed, add to P.

Points ($) = k% · P
If financed: P′ = P + Points → use P′ in the core formula.

Personal Loans

Origination fees are often deducted from disbursement but not from financed principal.

F = f · P
Payment uses P in the core formula. Net cash received = P − F. Total cost = (M · n) + F.

Student Loans

If interest accrues during deferment and capitalizes, grow principal before repayment.

r = APR/12
P* = P · (1 + r)d
M = P* · r / (1 − (1 + r)−n)

Effective APR Including Fees

To reflect fees in the rate, solve for the monthly IRR that equates net cash received to the stream of payments.

Cash flows at origination: + (P − F)
Cash flows over term: −M, −M, … (n times)
Find reff such that (P − F) = Σi=1→n M / (1 + reff)i
Effective APR = 12 · reff

Use these formulas with your side-by-side results to compare monthly affordability and true total cost across lenders.

Types of Loans You Can Compare with Our Tool

Auto Loan Comparison Calculator

Buying a car is often one of the first major financial commitments for U.S. consumers, and lenders advertise attractive APRs that can be misleading without a proper breakdown. Our auto loan comparison calculator lets you enter the loan amount, APR, term, and fees side by side, so you can immediately see the difference in monthly payments and total cost. Unlike a simple car payment calculator, our tool compares two or more offers at once, showing you which lender truly provides better value.

Example: Compare a $25,000 loan from Chase Auto at 6.49% APR for 60 months with a similar loan from USAA Car Loan at 6.25% APR but with a $450 documentation fee. Although the USAA loan advertises a lower APR, the extra fee raises the effective cost. By entering both offers in the car loan comparison calculator, you’ll see the total cost difference over five years—helping you avoid surprises at the dealership.

Mortgage Loan Comparison Calculator

Mortgages are long-term commitments that can span decades, so even small differences in rates and fees can translate into tens of thousands of dollars. Our mortgage loan comparison calculator goes beyond a standard mortgage calculator by letting you place two scenarios side by side. You can evaluate not just monthly affordability but also lifetime interest and closing costs. The home loan comparison calculator view makes it clear whether a lender’s “low rate” really saves you money after fees.

Example: Enter a $300,000 mortgage at 6.75% APR for 30 years versus the same loan amount at 6.25% APR for 15 years. While the 30-year loan provides a lower monthly payment, the total interest paid is dramatically higher. The side-by-side results from our calculator show how a 15-year fixed loan can cut your lifetime cost nearly in half—valuable insight for homeowners deciding between long-term affordability and total savings.

Student Loan Comparison Calculator

Education financing can be complicated, with federal programs offering unique protections while private lenders may advertise lower headline rates. A simple student loan calculator estimates payments, but our student loan comparison calculator allows you to evaluate the true cost between federal and private options, including deferment periods and capitalization of interest. This is essential for graduates planning repayment strategies that balance monthly affordability with long-term cost.

Example: Compare a $40,000 federal student loan at 5.50% APR with six months of deferment against a $40,000 private loan at 6.25% APR with no deferment. While the federal loan’s nominal rate looks cheaper, interest capitalization during deferment changes the real starting balance. By running both options through the calculator, students can clearly see how deferment, fees, and protections affect the lifetime cost.

Personal Loan Comparison Calculator

Personal loans are widely marketed for debt consolidation, home improvements, and emergency expenses. Because they often include origination fees or prepayment penalties, a basic personal loan calculator may not capture the full cost. Our tool functions as a true loan calculator personal, letting you input APR, term, and fees to get an accurate side-by-side view. With the built-in interest calculator loan, you can instantly see how much of your payments go toward principal versus interest.

Example: Compare a $15,000 loan from LendingClub at 11.99% APR with a 4% origination fee versus a $15,000 loan from SoFi at 12.25% APR but with no fees. The calculator shows that despite the slightly higher APR, SoFi’s no-fee structure may actually produce a lower total cost, depending on the repayment term. This side-by-side analysis helps borrowers select the most cost-effective option for their financial situation.

How Banks & Lenders Calculate Costs (APR vs. Fees)

When banks advertise loans, they usually highlight the APR (Annual Percentage Rate). APR is designed to include both the nominal interest rate and certain required finance charges, giving borrowers a more complete view than interest rate alone. However, it is not always the full picture. A loan may appear affordable at 6% APR, but once you factor in origination fees, documentation charges, or prepayment penalties, the true cost can climb much higher.

This is where tools like our interest calculator and interest rate calculator become valuable. They allow you to test different scenarios and understand how much of your payment goes toward principal versus interest, and how fees alter the effective rate. Even an equity loan calculator should account for upfront costs, since home equity loans often include appraisal or closing fees that significantly affect total repayment.

Using our loan comparison tool, you can enter side-by-side offers with their advertised APRs, add any fees, and instantly see which option produces the lowest monthly payment or total cost. This transparency prevents lenders’ marketing tactics from misleading borrowers, ensuring you make a financial decision based on actual dollars spent rather than headline numbers.

Popular U.S. Loan Calculators & Why We Built Our Own

When most borrowers in the United States begin researching loans, they quickly come across familiar tools such as the Bankrate mortgage calculator, the NerdWallet auto loan calculator, or even the FICO loan savings calculator. These resources are well-known benchmarks, and they do serve a purpose: they provide a quick snapshot of what a monthly payment might look like under a given APR and term.

But after extensive searching and testing, we noticed a clear limitation: nearly all of these calculators focus on one loan at a time. They rarely allow you to place two offers side by side, and they almost never let you add origination fees, closing costs, or prepayment penalties. In real life, those “hidden” numbers are what make or break a loan decision. A 6% APR loan with a $600 fee can actually be more expensive than a 6.5% APR loan with no fees—but you would never know that from a traditional single-loan calculator.

That gap is the reason we built our own Loan Comparison Calculator. Instead of stopping at interest rates, our tool gives you a side-by-side comparison of multiple lenders at once. You can enter the loan name, amount, APR, term, and fees, then instantly see which option offers the lowest monthly payment, the best total cost, or the most efficient APR/term combination. This transparent approach turns what used to be guesswork into a clear, data-driven decision.

In short, we respect those popular calculators as starting points—but if you want the complete financial truth, especially when fees and conditions vary across lenders, our comparison tool was designed to give you exactly that. Fast, accurate, and practical for real-world borrowing decisions.

Scenarios & Case Studies (Practical Examples)

Auto Loan: APR vs Fees

Imagine you need to finance a $25,000 car loan. Bank A offers 7.49% APR for 60 months. Bank B offers 6.9% APR for the same term but adds a $500 documentation fee. At first glance, Bank B looks cheaper. But when you plug both offers into our calculator, the chart reveals that Bank A’s slightly higher APR can actually result in a lower total cost once the fee is considered.

📊 Try entering this scenario in the auto loan comparison calculator and see how small fees change the outcome.

Mortgage: 30-Year vs 15-Year

For a $300,000 mortgage, Lender A offers 6.75% APR for 30 years, while Lender B offers 6.25% APR for 15 years. The 30-year loan has a lower monthly payment, but the total interest over time is nearly double. Side-by-side charts show how the 15-year fixed term saves tens of thousands of dollars in lifetime costs, even if the monthly burden is higher.

💡 This is a classic trade-off: affordability month-to-month versus total lifetime savings.

Student Loan Refinancing

Consider a graduate with $40,000 in student loans at 6.8% APR, 10-year term. A private lender offers refinancing at 5.25% APR over 10 years. Our calculator shows the monthly payment drops by more than $30, and the total interest savings exceed $3,000. However, the borrower also loses federal protections like income-driven repayment or forgiveness options—numbers alone don’t tell the whole story.

⚠️ Always weigh financial savings against benefits you might give up when refinancing federal loans.

These scenarios highlight why relying on APR alone is risky. Side-by-side comparisons, including fees and total cost, give you the clarity needed to make smarter financial decisions.

FAQs — Loan Comparison Calculator

What is a loan comparison calculator?

It’s a financial tool that lets you enter two or more loan offers and instantly compare monthly payments, total interest, fees, and overall cost side by side.

How do I compare 2 loans side by side?

Simply enter the loan name, amount, APR, term, and fees for each offer. The calculator generates results in a comparison table and chart, showing which option is cheapest or most affordable.

Does the calculator include fees?

Yes. Unlike many single-loan calculators, our tool lets you add origination, documentation, or other upfront fees so you can see the true effective cost.

Can I compare mortgage vs personal loan?

Absolutely. Any loan type can be compared side by side—auto, mortgage, student, or personal—helping you evaluate different borrowing strategies with one tool.

Best way to compare student loans?

Enter both federal and private options with their APR, deferment terms, and fees. The calculator shows lifetime cost differences and highlights trade-offs beyond monthly payments.

What APR is considered good in the U.S.?

In 2025, personal loan APRs around 9–12% are typical for good credit, while auto loans may fall near 5–7%. A “good” APR depends on your credit score, loan type, and market rates.

How much does a 15-year mortgage save vs 30-year?

On a $300,000 loan, a 15-year mortgage may save over $100,000 in total interest compared to a 30-year loan, even though the monthly payment is higher.

Can extra payments be included?

Yes. By re-running the calculator with a shorter term that matches your payoff target, you can approximate the impact of extra payments and see how much interest you save.

Is APR better than interest rate?

APR is generally more accurate because it reflects both the interest rate and certain fees. Comparing APRs helps you see the effective cost, but always check total fees too.

What’s the cheapest loan type in 2025?

In 2025, secured loans like mortgages and auto loans usually offer the lowest APRs, while unsecured personal loans tend to be higher. The best choice depends on your credit and whether collateral is available.

Conclusion loan comparison calculator​ & Next Steps

Smart borrowing is not about finding the lowest advertised APR. It’s about understanding the true cost of each loan — fees, terms, and repayment flexibility. Our Loan Comparison Calculator helps you put offers side by side, uncover hidden costs, and make decisions with clarity.

Whether you’re shopping for an auto loan, mortgage, student loan, or personal loan, comparing options before signing can save you thousands of dollars over time. Don’t let a “too good to be true” rate mislead you — let the numbers tell the real story.

Take control of your debt — compare loans side by side today.