Review principal, rates, terms, and charges side by side. Spot affordable options faster with clarity. Choose the loan that matches your budget goals best.
Compare three fixed-rate loan options using loan amount, rate, term, fees, and extra payments. The calculator ranks results by total cost, payment load, or payoff speed.
| Loan label | Loan amount | Rate | Term | Fees | Extra payment |
|---|---|---|---|---|---|
| Loan A | $25,000 | 7.20% | 5 years | $350 | $0 |
| Loan B | $25,000 | 6.80% | 6 years | $600 | $50 |
| Loan C | $25,000 | 7.80% | 4 years | $150 | $0 |
For a fixed-rate amortizing loan, the scheduled payment per period is:
Payment = P × r / (1 - (1 + r)^(-n))
Where:
Additional comparison formulas:
Total interest = Sum of all interest charges across periods
Total paid = Sum of all payments made
Total cost with fees = Total paid + upfront fees
Borrowing cost rate = ((Total interest + fees) ÷ principal) × 100
If extra payments are entered, the calculator simulates each period one by one because the original closed-form schedule changes once balance is reduced faster.
A loan comparison should begin with the variables that shape repayment. Principal, annual rate, term, and fees are inputs because each changes how much interest accumulates. Small rate differences can create cost gaps when balances remain high for longer periods. Comparing loans with identical principals helps isolate pricing and structure instead of size.
Regular payment is often the first figure borrowers notice, yet a lower payment does not always signal a better deal. Extending the term reduces each installment, but it can increase lifetime interest. A practical comparison weighs payment comfort against borrowing cost. This calculator shows both views together so users can judge affordability without ignoring tradeoffs.
Quoted rates are only part of a borrowing decision. Upfront charges, processing fees, and similar costs should be added to the cash outflow because they change the real cost of funding. When two loans have similar payments, fees may decide the stronger option. The total cost with fees metric combines periodic interest and opening charges into one result.
Optional extra payments can shorten payoff time and reduce total interest. The impact is strongest early in the schedule, when a larger share of each installment would otherwise go to interest. A small recurring extra amount can remove multiple periods from the loan term. Simulation matters because standard fixed-payment formulas no longer describe the path once repayment begins.
The side-by-side table is designed for faster judgment. Payment reveals cash-flow demand, total interest measures financing drag, and payoff periods indicate how long debt remains active. Payoff date adds a calendar view that many borrowers understand better than raw period counts. Borrowing cost rate is helpful when comparing loans with different fees because it normalizes cost against the amount borrowed.
A strong loan choice depends on the objective. If stability matters most, the lowest payment may win. If minimizing expense matters most, the lowest total cost is usually the best guide. If debt freedom is the priority, the shortest payoff option may deserve more weight. Reviewing all three perspectives together leads to a balanced borrowing decision.
The cheaper loan is usually the one with the lowest combined interest and fees. This calculator also accounts for extra payments, which can lower lifetime cost and shorten the payoff timeline.
Lower payments often come from longer terms. More periods mean interest keeps accruing for longer, so total repayment may rise even though each installment feels easier to manage.
Use payment when cash flow is your main concern. Use total cost when minimizing expense matters most. Reviewing both measures together usually leads to a more balanced decision.
Extra payments reduce balance faster, which cuts future interest charges. In many cases, even modest extra contributions can save several periods and lower total borrowing cost.
Yes. You can compare annual, semiannual, quarterly, monthly, biweekly, or weekly repayment schedules. The selected frequency changes the periodic rate, payment count, and payoff timing.
It measures total interest plus fees relative to the original principal. This gives a normalized view of cost, which is helpful when loans carry different fee structures.
Important Note: All the Calculators listed in this site are for educational purpose only and we do not guarentee the accuracy of results. Please do consult with other sources as well.