Loan Comparison Calculator
Compare up to 3 loan options side-by-side
What is the Loan Comparison Calculator?
When you're shopping for a loan, the interest rate is only part of the story. A loan with a lower rate and a longer term can end up costing you more than a higher-rate loan paid off faster. The Loan Comparison Calculator puts two or three loan options side by side so you can see the total cost of each, not just the monthly payment. It's useful for auto loans, personal loans, and even mortgage refinancing decisions. Real people use this when they're choosing between offers from different lenders and want a clear, numbers-based answer instead of a gut feeling.
How Does It Work?
For each loan, the calculator computes your monthly payment using the standard amortization formula, then multiplies that across the full term to get total repayment.
Monthly Payment = [P × r(1+r)^n] / [(1+r)^n − 1]
P = principal (loan amount), r = monthly interest rate (annual rate ÷ 12), n = total number of monthly payments. Total cost = monthly payment × number of payments. The difference between that total and the original loan amount is the total interest paid.
How to Use CalciHub's Loan Comparison Calculator
1. Enter the loan amount, interest rate, and term for Loan A.
2. Do the same for Loan B (and Loan C if you have a third option).
3. The calculator shows monthly payments, total repayment, and total interest for each.
4. Compare side by side to find the lowest total cost.
5. Tip: Don't just chase the lowest monthly payment, the longer the term, the more interest you pay overall.
A Quick Example
John is buying a car and has two financing offers for a $28,000 loan. The dealership offers 4.9% over 72 months. His credit union offers 6.1% over 48 months.
Loan A (dealership): Monthly payment ≈ $449. Total repayment ≈ $32,328. Total interest: $4,328.
Loan B (credit union): Monthly payment ≈ $659. Total repayment ≈ $31,632. Total interest: $3,632.
The credit union loan costs $105 more per month but saves John $696 in total interest. That's not a huge gap, but now he can decide with real numbers instead of guessing.
Frequently Asked Questions
The interest rate is the base cost of borrowing money. APR (Annual Percentage Rate) includes the interest rate plus any fees — origination charges, closing costs, and similar expenses. APR gives you a more accurate picture of what a loan actually costs. When comparing loans, always compare APRs, not just interest rates.
Not always. A shorter term means higher monthly payments, which could strain your budget. If a tight month forces you to miss a payment, the damage to your credit score may cost more than the interest you saved. The right term depends on your cash flow, not just the interest math.
The calculator works best with fixed-rate loans since the payment stays constant. Variable-rate loans are harder to compare precisely because the rate can change. For an initial comparison, you can enter the starting rate of a variable loan — just know that actual costs may differ if rates move.
In the US, personal loan rates from reputable lenders like Marcus, SoFi, or your local credit union typically range from around 7% to 20%, depending heavily on your credit score. If you're being quoted above 25%, it's worth improving your credit before borrowing or looking at alternatives.
Yes, always free. No account needed, no paywalls. Use CalciHub's Loan Comparison Calculator at calcihub.com whenever you're evaluating borrowing options.
Related Finance calculators
See all Finance →- Annuity CalculatorPresent/future value of ordinary annuity or annuity due.
- EMI CalculatorCalculate Equated Monthly Installment for home, car, or personal loans with full schedule.
- SIP CalculatorSystematic Investment Plan — estimate mutual fund SIP returns with year-by-year growth.
- GST CalculatorAdd or remove GST for all Indian tax slabs (5%, 12%, 18%, 28%) with CGST/SGST split.
- YouTube Earnings CalculatorEstimate YouTube ad revenue, sponsorships, and memberships from views and CPM.
- Loan CalculatorCalculate loan payments, interest, and amortization schedules.
More from Finance
View all posts →Longer reads from our finance collection.