Loan Comparison Calculator
Compare loan costs between different loan types and terms. Calculate monthly payments, total interest, and find the most affordable borrowing option.
Step 1: Loan Details
Understanding Loan Costs
Your total loan cost depends on the amount borrowed, interest rate, and loan term. Lower interest rates and shorter terms typically result in less total interest paid.
Step 2: Loan Options
About Interest Rates
The interest rate significantly affects your total repayment amount. Even a small difference in APR can save or cost you thousands over the life of a loan.
Loan Comparison Results
Estimated Monthly Payment
Loan Type Comparison
| Loan Type | Interest Rate | Monthly Payment | Total Interest | Total Cost |
|---|
Payment Breakdown Over Time
Loan Calculation Formula
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n – 1]
Where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments (loan term in months).
Need Professional Loan Analysis?
Connect with our financial experts for detailed loan comparisons, affordability assessments, and personalized borrowing recommendations.
Get Professional Analysis