Loan comparison calculator
A $10,000 loan at 7.9% over 3 years costs $312.90 a month and $1,264 in interest. The same amount at 12.9% over 5 years costs $227.02 a month but $3,621 in interest, which is $2,357 more. Compare your own two offers below.
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How to compare two loans properly
Look past the monthly payment. A lower payment usually means a longer term and more interest overall. Compare the APR, the term, the total repaid and any fees. The calculator shows all three so you can see the real difference.
$10,000 borrowed
| Loan A (7.9%, 3 years) | Loan B (12.9%, 5 years) | Difference | |
|---|---|---|---|
| Monthly payment | $312.90 | $227.02 | -$85.88 |
| Total repaid | $11,264 | $13,621 | $2,357 |
| Total interest | $1,264 | $3,621 | $2,357 |
Fixed rates, equal monthly payments, no fees.
What else to compare
- Arrangement or origination fees, which add to the cost.
- Early repayment terms: can you overpay without a charge?
- Whether the rate is fixed or variable.
- How the lender treats a missed payment.
- Whether the quoted APR is the one you will actually be offered.
Sources and further reading
Questions people ask
How do I compare loan offers?
Compare the APR, the term, the total amount repaid and any fees. Use the same loan amount for each offer so the numbers are like for like.
Results are estimates for information only, not financial advice. Read the full disclaimer.
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