Step 1
Enter the amount you plan to borrow
Use the same loan amount for every offer so the comparison isolates rate, term, and fee differences.
Free loan tool
Free Loan Comparison Calculator
A loan comparison calculator helps you compare multiple loan offers by monthly payment, total interest, upfront fees, and all-in borrowing cost so you can choose the offer that fits your budget and saves the most money.
Loan offers
Offer 1
Offer 2
Offer 3
Ranked result
Online lender is cheapest
Monthly payment
$351.35
Fixed payment for the lowest-cost offer.
Total interest
$3,081
Interest paid before upfront fees.
Savings
$1,729
Savings versus the most expensive offer.
RankOfferPaymentInterestFeesTotal
#1Online lender$351.35 / mo$3,081 interest$100 fees$21,181
#2Bank offer$441.12 / mo$3,174 interest$350 fees$21,524
#3Credit union$314.72 / mo$4,660 interest$250 fees$22,910
How to compare loan offers
Step 2
Add each lender offer
Enter the name, annual interest rate, term in months, and upfront fees for up to three offers.
Step 3
Compare total cost
Review monthly payment, total interest, fees, and all-in cost before choosing an offer.
Step 4
Copy the summary
Save the ranked comparison so you can discuss the tradeoffs with a co-borrower or lender.
Loan comparison FAQ
What is a loan comparison calculator?
A loan comparison calculator compares multiple loan offers by monthly payment, interest rate, term length, fees, total interest, and total borrowing cost.
Should I choose the loan with the lowest monthly payment?
Not always. A lower payment can come from a longer term, which may increase total interest and make the loan more expensive overall.
How do upfront fees affect loan comparisons?
Upfront fees increase the all-in cost of borrowing even if the advertised interest rate is lower, so they should be included in the total cost comparison.
What loan term should I compare?
Compare the actual term from each offer and also test a shorter term if you can afford the payment, because shorter terms usually reduce total interest.
Can I use this for personal loans between friends or family?
Yes. The calculator works for personal, family, auto, and other fixed-payment loans as long as you know the amount, rate, term, and fees.
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