Loan Comparison Calculator
Put loan offers side by side to compare payments and total cost, including fees.
About the Loan Comparison Calculator
Enter each offer on its own line: a name, the amount, the interest rate, the term in years and any upfront fees. The calculator shows each monthly payment and total cost, and names the offer that costs least overall.
The lowest rate isn't always the cheapest loan once fees and term are counted. Total cost (all payments plus fees) shows which offer costs least; the monthly payment shows which fits your budget.
The formula
Total cost = payment × months + fees
- payment
- standard monthly payment for that amount, rate and term
- fees
- origination, arrangement or processing fees paid upfront
How to read your result
- Bank B has the lowest rate but costs the most once its fee is added. The credit union costs least because its term is shorter, though its monthly payment is the highest.
Worked example
Three offers for 20,000 (the example on this page)
- Bank A, 7.5% for 5 years, no fee: 400.76 a month, 24,046 in total
- Bank B, 6.9% for 5 years, 600 fee: 395.08 a month, 24,305 in total
- Credit union, 7.2% for 4 years, 150 fee: 480.78 a month, 23,228 in total: the cheapest
Things to keep in mind
- Assumes fixed rates and no early repayment. Add any insurance the lender requires to the fees.
Questions people ask
Should I compare APRs?
Yes, APR already blends rate and fees for equal terms.
Shorter term or lower payment?
Shorter terms cost less in total but more each month.
Can a fee be added to the loan?
Some lenders let you borrow the fee too. Then add it to the amount instead of the fees, because you'll pay interest on it.