Loan Comparison Calculator
The short answer: two offers, one winner — decided by total cost, not the monthly payment. Enter both APRs, terms, and any lender fees; the calculator shows each payment, each total, and exactly how much the cheaper loan saves you.
How this is calculated
Each offer gets the standard amortization treatment: payment from the amount, APR, and term; total interest from the payment stream; then lender fees are added to get the total cost — the only fair scoreboard. The defaults make the point: on $20,000, Offer A (9%, 60 months, no fees) costs $24,910 overall, while Offer B (6.5%, 48 months, $200 in fees) costs $22,966 — B's payment is higher, but B saves $1,944. Payment size is a budget question; total cost is the price of the loan.
Frequently asked questions
Is the lower monthly payment always the better loan?
No. A longer term lowers the payment but usually raises the total interest — sometimes by thousands. Compare total cost (all payments plus lender fees) first, then check the payment fits your month.
Should lender fees count in the comparison?
Yes. Origination or documentation fees are real money out of your pocket. This calculator adds each offer's fees to its total cost so a low-rate offer with heavy fees can't hide.
How do I get two real offers to compare?
Get pre-approved by two lenders before you shop — a bank or credit union plus an online marketplace. Soft-pull pre-qualifications don't affect your credit; multiple hard inquiries for the same loan type within a short window are typically treated as one by scoring models.