Money Tools

Loan Comparison Calculator

Compare two loan options side by side by monthly payment, total interest, and total paid.

Updated April 12, 2026
Free online tool
Planning and research use

Why this page exists

Loan options are easier to compare when the payment and total-cost math is laid out side by side instead of buried in separate estimates. This calculator helps visitors compare two loan scenarios using loan amount, APR, and term so the differences are easier to scan quickly.

Interactive tool

Run the estimate

Enter your numbers and read the result first, then use the sections below to understand what affects the outcome.

Calculator

Loan comparison calculator

Compare two amortized loan options side by side using loan amount, APR, and loan term.

Result

Loan A saves $1,512 in interest

Estimated monthly payment, total interest, and total paid for two amortized loan scenarios using the amounts, APRs, and terms entered.

Loan A monthly payment$489

Loan B monthly payment$429

Loan A total interest$4,349

Loan B total interest$5,861

Loan A total paid$29,349

Loan B total paid$30,861

Loan A works out to about $489 per month and about $4,349 in total interest over 60 months.
Loan B works out to about $429 per month and about $5,861 in total interest over 72 months.
Loan A has the lower total interest in this comparison, while the monthly payment difference is about $61.

This is a planning estimate. Real loans can include fees, insurance, taxes, and different compounding or payment rules that change the final comparison.

Planning note

Last updated April 12, 2026. Use this tool to compare scenarios and plan ahead, then confirm important details with the lender, employer, insurer, contractor, or other qualified provider involved in the final decision.

How it works

What the calculator is doing

Enter loan amount, APR, and term in months for Loan A and Loan B.

The calculator uses standard amortized loan math to estimate monthly payment, total interest, and total paid for each loan.

It highlights the interest-cost difference so the side-by-side comparison is easier to understand at a glance.

Understanding your result

This is a planning estimate based on standard amortization. Real loans can still differ because of fees, insurance, taxes, compounding rules, or payment timing details.

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Examples

Ways people use this tool

Example scenarios help turn a quick estimate into a more useful comparison or planning step.

Compare a shorter term with a longer term

A side-by-side view can make it easier to see when a lower monthly payment leads to more total interest over time.

Check whether a slightly lower APR really matters

Changing only the APR helps show how much total cost shifts when the rate changes but the term stays similar.

Compare two lenders with the same loan amount

This can make lender quotes easier to compare before fees or other details are layered in.

FAQ

Common questions

How does this loan comparison calculator work?

It runs standard amortized payment math on two loan scenarios and compares the monthly payment, total interest, and total paid for each option.

What should I compare first?

Monthly payment is often the first check, but total interest and total paid can matter just as much when two offers look close.

Does this include fees?

No. It compares the core loan amount, APR, and term entered, so lender fees or taxes would need to be reviewed separately.

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Keep comparing

Use these related tools to compare nearby scenarios, check a second estimate, or keep narrowing down the right decision.

Money ToolsUpdated April 11, 2026