# Loan Comparison Calculator

> Loan comparison calculator: compare monthly payments and total interest across up to three loans side by side. Free, private, runs in your browser, no signup.

- **Canonical URL:** https://boringtoolskit.com/loan-comparison-calculator/
- **Category:** Finance & Investing
- **Evidence level:** authored-methodology
- **Reviewed:** July 26, 2026
- **Last verified:** 2026-10-12
- **Privacy:** Inputs and results stay in this browser unless the page clearly labels an external request.

## How it works

Payment = amount x r/12 / (1 - (1 + r/12)^-n); total cost = payment x n + fees; compare total cost across offers.

## Worked example

A $30,000 loan: offer A (5 yrs, 7%, $500 fees) costs $594.04 a month, $36,142.16 total; offer B (6 yrs, 6.5%, $750 fees) costs $504.30 a month but $37,059.45 total, so A wins on cost by about $917 despite the higher payment.

## Assumptions

- Both loans are fixed-rate and fully amortizing.
- Payments are monthly and made on schedule.
- Taxes, insurance, late charges, and optional products are excluded.

## Common questions

### Why can the lower payment cost more overall?

A longer term can reduce the monthly payment while creating more interest payments.

### Are origination fees included?

Enter known lender fees in the fee fields. Financing a fee instead of paying it upfront can change the result.

### Should I choose solely by total cost?

No. Cash flow, prepayment rules, collateral, risk, and loan features can also matter.

## Related tools

- /credit-card-payoff-calculator/
- /balance-transfer-savings-calculator/
- /mortgage-refinance-break-even/

## Sources

- [Calculation methodology and verification standard](/methodology/)

---

*Local planning estimate. Verify current terms, rates, and policies before acting.*