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Home› Calculators› Loans & Debt› Loan Comparison Calculator

Loan Comparison Calculator
with Monthly Payment, Interest & Total Cost Comparison

Compare two or three fixed-rate loan offers side by side. See monthly payment, total interest, fees, total cost including fees, payoff timing, and the cheapest option overall.

Currency
⚖️
Compare Loan Offers
Loan A
A
€
%
⏱
yrs
€
€
📅
Optional, used to estimate payoff month and year.
Loan B
B
€
%
⏱
yrs
€
€
📅
Optional, used to estimate payoff month and year.
Cheapest Loan Overall
—
based on total cost including fees
Lowest Monthly Payment
—
lowest actual monthly payment
Fastest Payoff
—
fewest months to payoff
Lowest Interest Cost
—
lowest total interest
Loan Comparison Table
Comparison Summary
Cheapest vs most expensive total cost—
Lowest vs highest monthly payment—
Lowest vs highest interest cost—
Amortization Schedule
View schedule for
Month Payment Principal Interest Balance
Total Cost Comparison by Loan
Principal
Interest
Fees
✦ Cal, AI Explanation
Cal is analysing these loan options...
💬 Ask Cal about these loan options
Cal
Your loan comparison is ready. Ask me which option is cheapest overall, which one has the lowest monthly payment, or what trade-off exists between cost and payoff speed.

💡 Loan Comparison Tips

The lowest monthly payment is not always the cheapest option overall.
Shorter terms usually reduce total interest because the balance is repaid faster.
Upfront fees can change which loan is truly cheaper, even when the rate looks better.
Interest rate and term length both affect total repayment.
Compare total cost including fees, not monthly payment alone.

Related Calculators

Personal Loan Calculator→ Loan Repayment Calculator→ Credit Card Payoff Calculator→ Car Loan Calculator→ Mortgage Payment Calculator→

Related Guides

How to Compare Loan Offers→ APR vs Total Loan Cost→ How Fees Change Borrowing Cost→

How to compare loan offers

When comparing loan offers, the most useful figures are the monthly payment, total interest, upfront fees, and total cost including fees. A lower rate can help, but the term length also matters because longer repayment periods usually increase total interest.

Looking only at the monthly payment can lead to the wrong decision. A loan with a lower monthly cost may still be more expensive overall if it runs for much longer or includes higher fees.

The core formula

M = P × [r × (1 + r)^n] / [(1 + r)^n - 1]
Total Interest = Total Repaid Through Loan Payments − Principal
Total Cost Including Fees = Total Repaid Through Loan Payments + Upfront Fees
M = monthly payment, P = principal, r = monthly interest rate, n = number of monthly payments.

Why the cheapest monthly payment can be misleading

A lower monthly payment often comes from stretching the loan over more months. That can make the loan easier to manage each month, but it usually increases the total interest paid over time. Fees can make the difference even wider.

The best comparison is usually to check whether the option with the lowest monthly payment is also the cheapest overall. In many cases, it is not.

Example comparison table

Loan Rate Term Monthly Payment Total Interest
Offer A6.50%5 years€489.11€4,346.53
Offer B5.90%4 years€586.60€3,156.62
Offer C7.20%6 years€429.96€5,957.04

Frequently Asked Questions

Which loan is cheapest overall?+
The cheapest loan overall is the one with the lowest total cost including fees. That combines the repayment stream and any upfront charges into one figure, making the comparison more realistic than checking monthly payment alone.
Why can a lower monthly payment cost more?+
A lower monthly payment often means the loan runs longer. More months usually means more interest charged overall, so the total repayment can be higher even though the monthly amount feels more affordable.
Are upfront fees included?+
Yes. This calculator keeps upfront fees separate from the principal, but adds them to the total cost including fees so you can compare the true borrowing cost more accurately.
What if one loan has 0% interest?+
If a loan has a 0% interest rate, the total interest stays at zero and total repaid through loan payments equals the principal. In that case, fees and payoff speed become the main comparison factors.
Should I choose lower payment or faster payoff?+
A faster payoff usually reduces the overall borrowing cost, but a lower payment can improve short-term cash flow. The better option depends on whether minimizing total cost or preserving monthly flexibility matters more for you.