Loan Comparison Calculator

Compare multiple loan offers side-by-side to find the best deal.

Loan Option 1

Lender Name

Loan Amount

Interest Rate (%)

Loan Term (months)

Closing Costs/Fees

Points (%)

Loan Option 2

Lender Name

Loan Amount

Interest Rate (%)

Loan Term (months)

Closing Costs/Fees

Points (%)

Best Overall Option

RecommendedLender B

Monthly Payment$1,847

Total Cost$672,975

Effective APR6.51%

Cost per $1,000$2,243

Lender B offers the best overall value. Lender B has the lowest monthly payment, while Lender B has the lowest total cost.

Side-by-Side Comparison

Metric	Lender A	Lender B★
Monthly Payment	$1,896	$1,847
Total Interest	$382,633	$364,975
Total Cost	$685,633	$672,975
Effective APR	6.6%	6.51%
Cost per $1,000	$2,285	$2,243

Monthly Payment Comparison

Lender A

$1,896

Lender B

$1,847

Total Cost Comparison

Lender A

$685,633

Lender B

$672,975

Category Winners

Lowest Monthly PaymentLender B

Lowest Total CostLender B

Best APRLender B

Best OverallLender B

How to Compare Loan Offers

Look beyond the interest rate to find the best loan for your situation

Key Metrics to Compare

APR (Annual Percentage Rate)

Includes interest rate plus fees, showing the true annual cost. Best for comparing loans.

Total Cost

Everything you'll pay over the life of the loan - principal, interest, and fees.

Monthly Payment

Important for budgeting, but don't choose based on payment alone.

Points vs No Points

Paying points lowers your rate but costs upfront. Calculate break-even time.

Tips for Getting the Best Rate

1Get quotes from at least 3-5 lenders
2Apply to all lenders within a 14-day window (counts as one credit inquiry)
3Request the Loan Estimate form for accurate comparison
4Negotiate - lenders often match competitor offers

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Disclaimer

This calculator is provided for informational purposes only. The results are estimates based on the information you provide. Always consult with a qualified financial professional before making important financial decisions.

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