Loan Comparison Calculator
Compare different loan options to find the best deal for your needs
Loan Option A
Include application fees, origination fees, etc.
Loan Option B
Include application fees, origination fees, etc.
Loan Payment & Cost Formula
Monthly payment uses the amortizing loan formula: M = P × r × (1 + r)^n / ((1 + r)^n - 1)。 Fees, insurance, and other costs are folded into the APR so you can compare loan options accurately. Add one-time fees or monthly charges and the calculator adjusts total cost automatically.
Personal Loans
Ideal for credit or renovation loans—monitor APR carefully for short-term borrowing.
Auto Loans
Compare lender rates and fees to determine whether early payoff delivers savings.
Student Loans
Model grace periods and repayment plans to understand lifetime cost and cash-flow impact.
Frequently Asked Questions
What is the difference between APR and the nominal rate?
APR includes fees and reflects the true borrowing cost, while the nominal rate covers interest only.
Can I model a lump-sum payoff?
The current release focuses on payment comparisons; lump-sum and step-down payoff simulations are coming next.
How do I compare variable rates?
Enter average rates for different scenarios and review the comparison results to gauge risk.
Tips for Choosing the Right Loan
Compare APR
APR includes fees and gives you the true cost of borrowing for accurate comparison.
Consider Fees
Factor in all upfront costs including application, origination, and processing fees.
Loan Features
Look for flexibility like prepayment options, rate locks, and customer service quality.