Loan Comparison Calculator
Compare the real cost of multiple loan offers. Highlight the best payment, lowest interest, and fastest payoff path.
Show this tool on your website
Compare loan offers
Enter up to four loan options. The calculator highlights the lowest monthly payment, lowest total interest, lowest total cost, and the fastest payoff timeline so you can choose the best overall deal—not just the smallest payment.
| Loan | Amount | APR | Term (years) | Origination fee | Monthly fee | |
|---|---|---|---|---|---|---|
$ | % | % | $ | |||
$ | % | % | $ | |||
$ | % | % | $ |
Side-by-side comparison
| Loan | Monthly payment | Total interest | Total cost | Payoff time |
|---|---|---|---|---|
Credit Union $25,000.00 • 6.49% APR • 5 years | $489.04Best payment | $4,342.20 | $29,467.20 | 5 yr |
Online Lender $25,000.00 • 8.99% APR • 5 years | $518.84 | $6,130.25 | $31,880.25 | 5 yr |
Dealer Promo $25,000.00 • 2.99% APR • 4 years | $568.25 | $1,555.89Lowest interest | $27,275.89Best overall | 4 yrFastest payoff |
Quick verdict
The lowest total cost is $27,275.89. Over the life of the loan, choosing the wrong offer could cost an extra $4,604.36.
Tips for comparing offers
- • Watch out for origination fees—they raise the APR even if the rate looks low.
- • Monthly fees add up quickly. Multiply them by the payoff time to see real cost.
- • A lower payment isn’t always better if the term is much longer—focus on total cost.
Next steps
- • Ask lenders for quotes with the same loan amount and term to keep comparisons fair.
- • Request the APR disclosure—it includes all mandatory fees for apples-to-apples comparisons.
- • If the best loan requires a stronger credit score, consider paying down debt or adding a co-signer.
Key Financial Terms
Understand the essential concepts behind this calculator
Frequently Asked Questions
Common questions about the Loan Comparison Calculator
🎓 Student Loan Data Sources
• Undergraduate Direct Loans: 6.53%
• Graduate Direct Unsubsidized: 8.08%
• Direct PLUS Loans: 9.08%
→ Source: Federal Student Aid - Interest Rates
• SAVE Plan: 5% of discretionary income (undergraduate), 10% (graduate), 0% below 225% FPL
• PAYE Plan: 10% of discretionary income, capped at 10-year standard
• IBR Plan: 10-15% of discretionary income based on loan date
• ICR Plan: Lesser of 20% discretionary income or fixed 12-year payment
→ Source: Federal Student Aid - Income-Driven Repayment Plans
• Requires 120 qualifying monthly payments (10 years)
• Must work full-time for qualifying employer (government/non-profit)
• Remaining balance forgiven tax-free after 120 payments
→ Source: Federal Student Aid - PSLF Program
• Bachelor's degree borrowers: $28,950 average debt
• Total outstanding student loan debt (U.S.): $1.75 trillion
• Average monthly payment: $200-$299 for most borrowers
→ Source: Education Data Initiative - Student Loan Debt Statistics
• Private refinancing rates: 4.5% - 9.5% (varies by credit, term)
• Note: Refinancing federal loans means losing federal protections (IDR, PSLF, forbearance)
→ Source: CFPB - Student Loan Refinancing
Important: Student loan rules change frequently. Always verify current program requirements at StudentAid.gov before making decisions.
Explore More Tools
Continue your financial journey with these related calculators
Debt Payoff Calculator
Compare snowball vs avalanche strategies to pay off debt faster
Credit Score Impact Calculator
See how credit utilization and payment history affect your credit score
Credit Score Simulator
Model how paying down debt, opening or closing cards, or missing payments can change your credit score
⚠️ Important Disclaimer
This Loan Comparison Calculator provides estimates for educational and informational purposes only. Actual results may vary significantly based on individual circumstances, market conditions, regulatory changes, and other factors beyond the scope of this calculator.
The calculations and projections provided are based on assumptions and historical data that may not reflect future performance.Past performance does not guarantee future results.
This tool is not financial advice, tax advice, legal advice, or investment advice. For personalized guidance tailored to your specific situation, please consult with qualified professionals including:
- Certified Financial Planner (CFP)
- Certified Public Accountant (CPA) for tax matters
- Licensed attorney for legal matters
- Registered Investment Advisor (RIA) for investment decisions
Data Accuracy: All data sources, statistics, and rates were verified as accurate as of October 2025. Tax rates, market conditions, and other financial data change over time. Always verify current rates and consult official sources.
No Warranties: While we strive for accuracy, we make no warranties or guarantees regarding the accuracy, completeness, or reliability of any information provided. Use this tool at your own risk.