Loan comparison calculator
A lower rate is not always the cheaper loan, since fees and term change the cost. Put two offers side by side here.
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How to use it
- Enter loan amount, offer a rate, offer a term, offer a fees, offer b rate and offer b term.
- The result appears straight away and updates as you edit.
- Copy the result, or copy a link that keeps the same values to share it.
How it is calculated
For each offer: payment = P × r ÷ (1 − (1 + r)^−n), total cost = payment × n − P + fees. Difference = |cost A − cost B|.
Example
Inputs: Loan amount = 100,000, Offer A rate = 5 %, Offer A term = 60 months, Offer A fees = 1,000, Offer B rate = 4.5 %. Result: Cost difference: 630.71; Cheaper offer: Offer A; Offer A payment: 1,887.12.
Limits and caveats
- Compares money cost without discounting for time, so a shorter loan will usually look cheaper.
- Assumes one-off fees and fixed declining balance rates.
Questions about this tool
Why can the higher-rate offer be cheaper?
Lower fees can outweigh the interest gap, especially on short or small loans.
Is it fair if the terms differ?
It shows the full cost for each term, but a longer term trades a lower payment for more interest, so weigh both.
Should I include insurance?
Yes if it is a one-off charge. Add it to each offer's fees.