Loan Comparison Calculator
Compare two loan offers by monthly payment, total interest and total cost including fees to find the cheaper deal.
Your numbers
- Loan A payment
- $406
- Loan B payment
- $343
- Loan A total cost
- $24,332
- Loan B total cost
- $25,124
- Principal
- Interest & fees
How the loan comparison calculator works
Each loan is amortized separately. Total cost = all payments + upfront fees. The lower total cost wins, even if the monthly payment is higher.
Example
Using the default inputs (Loan A amount: $20,000; Loan A rate: 8%; Loan A term (months): 60; Loan A fees: $0.00; Loan B amount: $20,000; …), the calculator returns loan a is cheaper by of $792. Change any field above to see your own result and charts update instantly.
Good for these goals
Frequently asked questions
Should I pick the lowest payment?
Not necessarily. A lower payment often means a longer term and more total interest.
What about prepayment penalties?
Check for them; if you plan to pay early they change which loan is cheaper.
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Estimates are for educational purposes only and are not financial, tax or legal advice. Results depend on your inputs and simplified assumptions; tax figures reflect 2026 federal rules and may differ from your situation. See our disclaimer. © 2026 FinanzCalc.