Loan Comparison Calculator
Compare two loans for the same amount side by side, by monthly payment and total interest.
Enter your details below.
How to use
- Enter the loan amount you want to compare.
- Enter the rate and term in years for the first loan.
- Enter the rate and term for the second loan, then press Calculate.
About this tool
Both loans are priced with the standard amortising formula, using the same borrowed amount but different rates and terms. Comparing the two monthly payments alone can mislead, because a longer term lowers the payment while raising total interest, so this calculator shows both figures for each loan and the difference between them.
Frequently asked questions
Which loan is cheaper?
Usually the one with the lower total interest, not necessarily the lower monthly payment. A longer loan can look cheaper each month while costing far more overall.
Why compare the same amount?
Holding the amount fixed isolates the effect of rate and term, so the difference you see is caused by the loan terms, not by borrowing more or less.