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The loan comparison calculator evaluates multiple loan options side-by-side, calculating monthly payments, total interest, and overall costs to help you identify the best loan for your financial situation.
Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1]
The monthly payment (M) is calculated for each loan using the principal (P), monthly interest rate (r), and number of payments (n). Total cost includes origination fees and discount points.
Interest rates change daily. Compare loan offers obtained on the same day for accurate comparison.
The total cost over the loan term matters more than monthly payment for long-term financial planning.
Compare offers from multiple lenders to find the best mortgage deal.
Evaluate dealer financing vs. bank loans vs. credit union rates.
Compare the APR (not just interest rate), monthly payment, total interest paid, loan term, fees (origination, application, prepayment penalties), and flexibility of payment terms. A lower rate doesn't always mean the cheapest loan overall.
The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus fees like origination charges and points, giving you the true cost of the loan. Always compare APRs for an apples-to-apples comparison.
Not necessarily. Lower monthly payments often mean a longer term and more total interest paid. Consider your budget, how long you'll keep the loan, and the total cost over the loan's life.
Discount points are upfront fees (1 point = 1% of loan) that lower your interest rate. Calculate the break-even point: if it takes 5 years to recoup the points cost through savings, and you'll move in 3 years, skip the points.