Loan Comparison Calculator
Put up to three loan offers head to head. Enter the amount, rate, term, and upfront fees for each one to see the monthly payment, total interest, total cost, and the effective APR that fees really cost you — with the best value flagged automatically.
The offers
How to use this calculator
1. Enter each offer exactly as quoted
Type the loan amount, the APR the lender quoted, and the term in years. Rename each offer so you can tell "Credit union" from "Dealer financing" at a glance — the names carry through to the charts and the exported table.
2. Do not skip the fees box
Origination fees, discount points, application and documentation charges belong in the upfront fees field. They are where a headline rate quietly becomes an expensive loan, and they are the difference between the nominal APR and the effective APR shown for each offer.
3. Read the ranking, not just the payment
The best-value badge lands on the offer with the lowest total cost — every scheduled payment plus every fee. Check the monthly payment separately to be sure the winner also fits your budget.
4. Stress-test with the rate slider
Move every APR up or down together to see whether your ranking survives a rate change. If one offer only wins in a narrow band of rates, it is a fragile win — worth knowing before you sign.
About comparing loan offers
Which loan is actually cheaper?
The one with the lowest total cost — every payment you will make plus every upfront fee. A loan with a lower rate can still lose once origination fees, points, or documentation charges are added, which is why this calculator ranks offers by total cost rather than by rate.
What is an effective APR and why is it higher than the quoted rate?
Upfront fees mean you borrow a certain amount but receive less than that in hand. The effective APR is the rate that makes the money you actually receive equal the stream of payments you promise to make. Because the fee shrinks what you receive while the payment stays the same, the effective APR is higher than the nominal rate whenever fees are charged.
Does a lower monthly payment mean a cheaper loan?
No. Stretching the same balance over a longer term lowers the monthly payment while raising the total interest, often by thousands. Compare the monthly payment for affordability and the total cost for value — this calculator shows both so a long, cheap-looking payment cannot hide an expensive loan.