Debt / THE DECISION DESK
Loan Comparison Calculator
Compare two fixed-rate loan offers by monthly payment, interest, upfront fees, and total repayment.
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Compare up to three snapshots of inputs and headline results. Snapshots clear when you leave this page.
$2,047.84
Compare full-term costs as well as the monthly commitment. Both offers finance the same amount.
Offer A
Offer B
How this is calculated
For each offer, payment = P × r ÷ (1 − (1 + r)−n), where P is the amount borrowed, r is the monthly interest rate, and n is the number of monthly payments. At zero interest, payment = P ÷ n.
Total interest = payment × term − amount borrowed. Borrowing cost = interest + upfront fee. For example, a $12,000 loan at 0% for 12 months costs $1,000 per month. A $200 cash fee raises total repayment to $12,200.
The model assumes full repayment on schedule, fixed rates, monthly amortization, and no extra payments, penalties, insurance, or taxes. Actual lender rounding can differ.
Further reading: CFPB: interest rates and APR.
Common questions
›Should I enter the interest rate or APR?
Enter the contract interest rate, excluding fees. APR may already reflect fees; entering it and then adding the fee again can overstate cost.
›Does the lower monthly payment mean a cheaper loan?
Not necessarily. Spreading payments over more months can lower the monthly bill while increasing total interest. Compare both the payment and interest-plus-fee figures.
›How are fees paid in this comparison?
Fees are paid separately upfront in cash. They do not increase the principal and are not deducted from proceeds. Offers with financed fees need a different principal calculation.