Loan Comparison Calculator
Compare multiple loans side-by-side. Find the lowest total cost and monthly payment.
Loan Inputs
$
%
months
$
$
%
months
$
Results
Loan A
Best DealMonthly Payment
$489.15
Total Interest
$4.3KTotal Cost
$29.3KTerm
5 yrLoan B
Monthly Payment
$413.14
Total Interest
$4.7KOrigination Fee
$250.00Total Cost
$30.0KTerm
6 yrSide-by-Side Comparison
| Metric | Loan A★ | Loan B |
|---|---|---|
| Monthly Payment | $489.15 | $413.14 |
| Total Interest | $4.3K | $4.7K |
| Origination Fee | — | $250.00 |
| Total Cost | $29.3K | $30.0K |
| Term | 5 yr | 6 yr |
| Principal | $25.0K | $25.0K |
| Interest Rate | 6.5% | 5.9% |
Refinancing Break-Even Analysis
Loan B has a higher origination fee of $250.00 over Loan A. However, Loan A saves $76.01/mo. You break even after 4 mo — if you hold this loan longer than that, Loan A saves you money overall.
Fee Difference
$250.00
Monthly Saving
$76.01/mo
Break-Even
4 mo
Loan A is the best deal
Lowest total cost of $29.3K (5 yr at 6.5% APR).
Frequently Asked Questions
- How do I find the best loan?
- The best loan depends on your priorities. Lowest monthly payment usually means a longer term but more total interest. Lowest total cost means less interest overall. Compare both.
- What is an origination fee?
- An origination fee is a one-time upfront charge by the lender, typically 0.5–1% of the loan amount. Add it to compare the true total cost of each loan.
- What is refinancing break-even?
- Break-even is how many months it takes for the savings from a lower interest rate to exceed the cost of refinancing fees. If you plan to keep the loan longer than the break-even period, refinancing makes sense.
- Should I choose a shorter or longer loan term?
- Shorter terms have higher monthly payments but much lower total interest. Longer terms are easier month-to-month but cost significantly more in interest over time.
- Is this calculator accurate?
- Yes, it uses standard amortization formulas. Results may differ slightly from lender quotes due to rounding, payment dates, and how fees are applied.