Loan A
Loan B
Enter both loans to compare.
| Metric | Loan A | Loan B |
|---|---|---|
| Monthly payment | — | — |
| Total interest | — | — |
| Upfront fees | — | — |
| Total cost | — | — |
Both loans are modelled as fixed-rate, fully amortizing loans with the rate you type applied monthly. Enter the quoted note rate, not the lender's APR — an APR already includes fees, and the fee field adds them again. Results are an estimate for comparing offers, not financial advice.
Comparing two loan offers means comparing total cost rather than headline rates: a lower interest rate can still lose once an origination fee is counted. Put two loan offers side by side. Enter each loan's amount, quoted note rate, term and any upfront fees to see the monthly payment, total interest and total cost — and which loan is cheaper overall. Everything runs in your browser; nothing is stored.
How to compare two loans
Comparing loans on the interest rate alone is misleading. A lower rate can hide higher fees, and a smaller monthly payment often means a longer term — and more total interest paid. To compare fairly, look at the total cost: the amount you borrow, plus every interest payment over the life of the loan, plus any upfront fees. Enter both offers above and the cheaper loan is highlighted instantly.
Monthly payment vs. total cost
The loan with the lowest monthly payment is not always the cheapest. Stretching a loan over a longer term lowers each payment but adds interest, so you can pay hundreds or thousands more overall. This calculator ranks by total cost, and when the cheaper loan has the higher monthly payment it says so — that's the tradeoff between paying less each month and paying less in the end. To see a single loan's full amortization, use the Loan Calculator; for a home loan with taxes and insurance, see the Mortgage Calculator.
Where fees fit in
Origination fees, points and other upfront charges are part of what a loan really costs. Enter them as a flat dollar amount or a percentage of the loan, and they're added to that loan's total cost. A loan advertising a lower rate can lose the comparison once its fees are counted. Everything is computed in your browser and nothing is stored.