Loan Comparison Calculator

Compare up to 3 loan offers · Monthly payment · Total cost with fees · Fee-inclusive nominal annual rate · Horizon financing cost

Compare the same funding need

Enter fixed contractual note rates, not lender-quoted APRs that already include fees. All amounts are USD; no currency conversion.

Funding required (USD)

Settlement horizon (months; blank means full term)

Regular payment ceiling (USD; blank or 0 means no cap)

Load preset

Offer A

Local nickname (optional)

Annual note rate (%)

Term (months)

Origination fee (USD)

Fee treatment

Prepayment charge knowledge

Flat charge if settled before maturity (USD)

Offer B

Local nickname (optional)

Annual note rate (%)

Term (months)

Origination fee (USD)

Fee treatment

Prepayment charge knowledge

Flat charge if settled before maturity (USD)

Offer C · Optional

Local nickname (optional)

Annual note rate (%; blank omits this offer)

Term (months)

Origination fee (USD)

Fee treatment

Prepayment charge knowledge

Flat charge if settled before maturity (USD)

Cash fees require extra money upfront. Financed fees increase the repayment principal. A blank third note rate excludes Offer C; 0% includes it. At month 0, no scheduled payments have been made. After maturity, payments and interest stop.

Remember these settings on this device

By default, edits do not save financial values or change the address. Incoming financial links remain in the address bar for reload; edits do not rewrite that link. Reset removes saved settings and financial link values. Local nicknames stay on this page and are excluded from saved settings, reports and links.

Offer comparison

Comparison view Metric table Stacked offer cards

Offer comparison; amounts in USD
Metric

Complete worksheet and monthly schedules

Monthly loan schedules

Values use the same unrounded ledger as the comparison. The selected settlement month is highlighted after its scheduled payment.

Offer schedule

Full monthly schedule (USD)
Month	Payment	Principal	Interest	Balance	Cumulative payments	Cumulative interest

Financing cost at each settlement month

Tap the chart or use the month slider to update the comparison. Each point includes payments, payoff balance and the entered early-settlement charge, less funding received. A dashed line is a lower bound when the early charge is unknown.

Selected settlement month: 60

All settlement-month chart values

Financing cost at each settlement month
Month

4 min read 5 steps 6 terms 3 examples 6 FAQs PMT = P × r(1+r)^n / ((1+r)^n − 1)

Enter fixed contractual note rates, not lender-quoted APRs that already include fees.

YMYL Written by Quinn Sumner · Updated 2026-05-14 · 3 sources

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Walk-through

How to Use This Calculator

5 steps

Define equal funding

Enter fixed contractual note rates, not lender-quoted APRs that already include fees. All amounts are USD; no currency conversion. Cash fees require extra money upfront. Financed fees increase repayment principal. Net cash for the fee-rate calculation equals repayment principal minus the origination fee.

Enter the contractual terms

Enter each offer’s fixed annual note rate from 0% to 100% and its whole-month term from 1 to 600. Monthly interest is the note rate divided by 12. Leave the third note rate blank to omit that offer; enter 0% to include an interest-free offer.

Check fees and early charges

An unknown prepayment charge makes the early-settlement cost incomplete; no lowest-cost winner is declared while any active offer has an unknown charge. At or after maturity the charge is zero.

Choose the comparison month

Compare and export the worksheet

The lowest regular payment and the lowest settlement cost are separate labels. A longer term can reduce the payment and raise total interest. Equal costs remain ties. A lowest-cost offer can still exceed your payment ceiling. Compare the fee, interest, payoff balance and prepayment charge before choosing. Copy, CSV and Print include the comparison assumptions, all active offers and complete monthly schedules. Share and Embed begin with a blank link and include financial settings only after your explicit choice. Remember saves canonical financial settings on this device only when checked. Local nicknames are excluded from all these outputs.

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Reference

Formula & Methodology

2 formulas

Monthly Payment

PMT = P × r(1+r)^n / ((1+r)^n − 1)

Fixed note rates; equal end-of-month payments; USD only; unrounded monthly arithmetic. No taxes, insurance, variable rates, lender approval or credit scoring. Cash fees require extra money upfront. Financed fees increase repayment principal. Net cash for the fee-rate calculation equals repayment principal minus the origination fee.

Total Cost of Loan

fullTermCash = payments + cashFees; financedFees included in principal

Selected-month financing cost equals the origination fee plus interest paid through that month plus the applicable entered early-settlement charge. It also equals cash fee + payments + payoff balance + charge − funding received. An unknown prepayment charge makes the early-settlement cost incomplete; no lowest-cost winner is declared while any active offer has an unknown charge. At or after maturity the charge is zero.

✓

YMYL

Trust, Methodology & Sources

Written by Quinn Sumner · Updated 2026-05-14 · 3 sources

Editorial accountability

Author: Quinn Sumner - Editor

Owner: Quinn Sumner - Editorial owner

Last reviewed: 2026-05-14

Last verified: 2026-05-14

Methodology

Fixed note rates; equal end-of-month payments; USD only; unrounded monthly arithmetic. No taxes, insurance, variable rates, lender approval or credit scoring. Selected-month financing cost equals the origination fee plus interest paid through that month plus the applicable entered early-settlement charge. It also equals cash fee + payments + payoff balance + charge − funding received. The modeled nominal annual rate is monthly cash-flow IRR × 12. The effective annual rate compounds that monthly IRR for 12 periods. Neither is a lender-certified or statutory quoted APR.

Assumption: Fixed note rates; equal end-of-month payments; USD only; unrounded monthly arithmetic. No taxes, insurance, variable rates, lender approval or credit scoring.

Assumption: Cash fees require extra money upfront. Financed fees increase repayment principal. Net cash for the fee-rate calculation equals repayment principal minus the origination fee.

Assumption: The modeled nominal annual rate is monthly cash-flow IRR × 12. The effective annual rate compounds that monthly IRR for 12 periods. Neither is a lender-certified or statutory quoted APR.

Limitations & guidance

If a prepayment charge has not been provided, the early-settlement cost is incomplete; no lowest-cost winner is declared while this applies to any active offer. At or after maturity, the charge is zero.

Display amounts are rounded to cents independently. The schedule uses unrounded values; lenders may round actual payments differently. Displayed rows can differ by a cent when added.

Calculations are for comparative simulation purposes only and do not constitute formal lending offers, underwriting approvals, tax advice, or legal consulting. Exact APR, fees, points, and escrow obligations depend on the specific credit standards, geographic regulations, and underwriting policies of your chosen lender. Always review your official Loan Estimate (LE) and Closing Disclosure (CD) documents before executing consumer credit agreements.

Professional guidance: Loan Comparison Calculator is for loan-comparison education only and is not financial, legal, or lending advice. Loan decisions should be reviewed with a qualified financial planner or lender after obtaining Loan Estimates from multiple sources.

Primary sources

Truth in Lending Act - Consumer Financial Protection Bureau

Shopping for a Mortgage - Consumer Financial Protection Bureau

Understanding Loan Options - Consumer Financial Protection Bureau

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Glossary

Key Terms Explained

6 terms

Annual note rate Enter each offer’s fixed annual note rate from 0% to 100% and its whole-month term from 1 to 600. Monthly interest is the note rate divided by 12. Leave the third note rate blank to omit that offer; enter 0% to include an interest-free offer.

Fee treatment and net cash Cash fees require extra money upfront. Financed fees increase repayment principal. Net cash for the fee-rate calculation equals repayment principal minus the origination fee.

Settlement financing cost Selected-month financing cost equals the origination fee plus interest paid through that month plus the applicable entered early-settlement charge. It also equals cash fee + payments + payoff balance + charge − funding received.

Early-settlement charge An unknown prepayment charge makes the early-settlement cost incomplete; no lowest-cost winner is declared while any active offer has an unknown charge. At or after maturity the charge is zero.

Modeled annual rates The modeled nominal annual rate is monthly cash-flow IRR × 12. The effective annual rate compounds that monthly IRR for 12 periods. Neither is a lender-certified or statutory quoted APR.

Payment and cost criteria The lowest regular payment and the lowest settlement cost are separate labels. A longer term can reduce the payment and raise total interest. Equal costs remain ties. A lowest-cost offer can still exceed your payment ceiling. Compare the fee, interest, payoff balance and prepayment charge before choosing.

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Scenarios

Real-World Examples

3 worked examples

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Auto Loan Comparison

Same $35K loan, different lenders

Loan Amount $35,000 Option A (Dealer) 6.9% / 60 Option B (Bank) 5.5% / 60 Monthly Diff $22.85 Full-term savings with B $1,371.07 Origination fees A / B (USD) $0.00 / $0.00 Early-settlement charges A / B (USD) $0.00 / $0.00 Settlement month 60

Full-term loan payments, including principal and interest: A $41,483.51; B $40,112.44. Enter note rates, not fee-inclusive quoted APRs.

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Mortgage Term Comparison

15-year vs 30-year mortgage

Loan Amount $400,000 Note rate / 180 6.5% Note rate / 360 7.0% 15-yr Total Interest $227,197.30 30-yr Total Interest $558,035.59 Origination fees A / B (USD) $0.00 / $0.00 Early-settlement charges A / B (USD) $0.00 / $0.00 Settlement month 360

Monthly contractual payment: A $3,484.43; B $2,661.21. Enter note rates, not fee-inclusive quoted APRs.

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Student Loan Refi

Reading the comparison

Funding need $12,000.00 Offer A 0% / 12 Offer B 0% / 24 + $120.00 Horizon 6 Financing cost A / B at month 6 $0.00 / $120.00

With no early charge, A has paid $6,000.00 and owes $6,000.00: financing cost $0.00. B has paid $3,000.00, owes $9,000.00 and paid a $120.00 cash fee: financing cost $120.00. The full funding amount is $12,000.00 for both.

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Reference

Cite This Calculator

APA & MLA

Use either format to cite this calculator in a paper, report, or resource list.

APA

MLA

📄

Deep Dive

Comparing Loans — Beyond the Monthly Payment

4 chapters · 4 min read

Calculation scope

Cash ledger

Selected-month financing cost equals the origination fee plus interest paid through that month plus the applicable entered early-settlement charge. It also equals cash fee + payments + payoff balance + charge − funding received. Choose a common settlement month from 0 to 600. Blank uses the longest active term. Month 0 is before the first payment; each later month is after that month’s payment. The regular-payment ceiling is optional and does not test the final payment or credit approval. Tap the chart or move its slider to compare another month.

Assumptions and limits

The modeled nominal annual rate is monthly cash-flow IRR × 12. The effective annual rate compounds that monthly IRR for 12 periods. Neither is a lender-certified or statutory quoted APR. Display amounts are rounded to cents independently. The schedule uses unrounded values; lenders may round actual payments differently. Displayed rows can differ by a cent when added.

Reading the comparison

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Questions

Frequently Asked Questions

6 questions

Which annual rate should I enter?+

Enter fixed contractual note rates, not lender-quoted APRs that already include fees. All amounts are USD; no currency conversion. The modeled nominal annual rate is monthly cash-flow IRR × 12. The effective annual rate compounds that monthly IRR for 12 periods. Neither is a lender-certified or statutory quoted APR.

How do cash and financed fees differ?+

Cash fees require extra money upfront. Financed fees increase repayment principal. Net cash for the fee-rate calculation equals repayment principal minus the origination fee.

How can I compare offers with different terms?+

Choose a common settlement month from 0 to 600. Blank uses the longest active term. Month 0 is before the first payment; each later month is after that month’s payment. The regular-payment ceiling is optional and does not test the final payment or credit approval. Tap the chart or move its slider to compare another month. Selected-month financing cost equals the origination fee plus interest paid through that month plus the applicable entered early-settlement charge. It also equals cash fee + payments + payoff balance + charge − funding received.

What if the prepayment charge is unknown?+

An unknown prepayment charge makes the early-settlement cost incomplete; no lowest-cost winner is declared while any active offer has an unknown charge. At or after maturity the charge is zero.

Why are the payment and cost winners different?+

What gets saved, shared or exported?+

Copy, CSV and Print include the comparison assumptions, all active offers and complete monthly schedules. Share and Embed begin with a blank link and include financial settings only after your explicit choice. Remember saves canonical financial settings on this device only when checked. Local nicknames are excluded from all these outputs.

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Loan Comparison Calculator

Compare the same funding need

Offer comparison

Monthly loan schedules

Financing cost at each settlement month

How to Use This Calculator

Define equal funding

Enter the contractual terms

Check fees and early charges

Choose the comparison month

Compare and export the worksheet

Formula & Methodology

Trust, Methodology & Sources

Key Terms Explained

Real-World Examples

Cite This Calculator

Comparing Loans — Beyond the Monthly Payment

Calculation scope

Cash ledger

Assumptions and limits

Reading the comparison

Frequently Asked Questions

Get a branded PDF of your results

Keep Exploring

Related calculators

Guides & articles

Glossary terms