Loan Comparison Calculator
Compare two loans side-by-side to find the better deal. See monthly payments, total interest, and total cost for each option.
Embed this toolALoan A
BLoan B
Comparison Results
| Metric | ALoan A | BLoan B | Difference |
|---|---|---|---|
| Monthly Payment | $1,580.17 | $1,663.26 | $83.09A lower |
| Total Interest | $318,861.22 | $348,772.25 | $29,911.02A lower |
| Total Cost | $568,861.22 | $598,772.25 | $29,911.02A saves |
It saves you $29,911.02 in total cost compared to Loan B. It also has a lower monthly payment, making it easier on your budget.
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How to Compare Loans Effectively
Comparing loans is about more than finding the lowest interest rate. The true cost of a loan depends on the rate, term, fees, and how the payments fit your monthly budget. Use this side-by-side comparison to evaluate trade-offs between monthly cash flow and long-term savings.
Key Comparison Tips
- Compare the same loan type: A 15-year mortgage and a 30-year mortgage serve different goals. Matching term lengths gives you a fair apples-to-apples comparison.
- Look at total cost, not just rate: A slightly lower rate with high origination fees can cost more over time than a higher-rate loan with no fees.
- Check prepayment penalties: Some loans charge fees for paying off early. If you plan to refinance or pay extra principal, factor this into your decision.
- Factor in PMI and insurance: For mortgages with less than 20% down, private mortgage insurance can add hundreds to your monthly payment.
Frequently Asked Questions
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