Loan Comparison Calculator

Q: Why is the loan with the lowest monthly payment not always the best?

A loan with a longer repayment term gives you a lower monthly payment, but because you stretch the debt out over a longer period, you end up paying significantly more in total interest.

Q: What is the difference between an interest rate and an APR?

The interest rate is the base cost of borrowing. The Annual Percentage Rate (APR) includes the interest rate plus any broker fees or closing costs, representing the true total cost of the loan.

Q: Does comparing loans hurt my credit score?

Using a calculator never impacts your credit score. When applying for real quotes, credit bureaus typically group hard inquiries made within a 14 to 45-day window as a single inquiry, so you can rate shop safely.

Shopping for a loan can be incredibly confusing when different lenders offer varying interest rates, loan terms, and hidden fees. This loan comparison calculator makes it easy to put multiple loan offers side-by-side to see which one actually costs you less in the long run. Consumer protection agencies like the Consumer Financial Protection Bureau (CFPB) highly recommend comparing multiple offers before signing any financial paperwork to ensure you secure the best possible deal. Just like every utility in our Calculators collection, this calculator is 100% free to use with no account required.

⚖ Loan Comparison Calculator

Compare up to 3 loan offers side-by-side — EMI, total interest, true APR, break-even, amortisation & smart insights

🌎 Currency: 📌 Loan Type: 🕐 Loans to Compare:

Shared Loan Settings Applied to all loans below

Loan Amount (Principal)

10K10M

Repayment Frequency

① Loan A

Lender / Bank Name

Annual Interest Rate

p.a.

1%30%

Loan Tenure

years

1yr40yrs

Processing Fee

Prepayment Penalty (%)

Rate Type

② Loan B

Lender / Bank Name

Annual Interest Rate

p.a.

1%30%

Loan Tenure

years

1yr40yrs

Processing Fee

Prepayment Penalty (%)

Rate Type

Total Cost Comparison Principal + Interest + Fees

📋 Full Side-by-Side Breakdown

Interest vs Principal Split

📅 Amortisation Schedule Year-by-year summary

💡 Smart Insights

Your Current Loan The loan you want to refinance

Outstanding Balance

Current Interest Rate

p.a.

Remaining Tenure

years

Prepayment Penalty (%)

New Loan Offer The refinanced loan terms

New Interest Rate

p.a.

New Loan Tenure

years

Processing / Closing Fees

Currency

💡 Refinance Insights

Loan Details Your current loan

Loan Amount

Annual Interest Rate

p.a.

Loan Tenure

years

Currency

Prepayment Details Extra payments you plan to make

Extra Monthly Payment

Annual Lump-Sum Payment

One-Time Lump-Sum

One-Time Payment After (month)

months

💡 Prepayment Insights

⚠️ Disclaimer: Results are estimates based on standard amortisation formulas. Actual loan costs may differ based on lender-specific terms, compounding methods, taxes, and insurance. Always confirm with your lender before making financial decisions.

'); w.document.close(); });// Refinance Exports g('rf_cpy').addEventListener('click', function(){ var txt = '🔄 *Refinance Summary*\n• Decision: ' + g('rf_hero_title').textContent + '\n• Details: ' + g('rf_hero_sub').textContent + '\n\n*Run your own numbers:* https://savexpert.com/calculators/loan-comparison-calculator/'; var btn = this; var orig = btn.innerHTML; navigator.clipboard.writeText(txt).then(function(){ btn.innerHTML = '✅ Copied!'; btn.style.background = '#16a34a'; setTimeout(function(){ btn.innerHTML = orig; btn.style.background=''; }, 2000); }); }); g('rf_csv').addEventListener('click', function(){ var csv = 'Metric,Value\n'; var stats = document.querySelectorAll('#rf_stats .stat'); stats.forEach(function(s){ var lbl = s.querySelector('.stat-lbl').innerText; var val = s.querySelector('.stat-emi').innerText; csv += '"' + lbl + '","' + val + '"\n'; }); var a=document.createElement('a'); a.href=URL.createObjectURL(new Blob([csv],{type:'text/csv'})); a.download='refinance-summary.csv'; a.click(); }); g('rf_pdf').addEventListener('click', function(){ var rows = ''; document.querySelectorAll('#rf_stats .stat').forEach(function(s){ rows += '' + s.querySelector('.stat-lbl').innerText + '' + s.querySelector('.stat-emi').innerText + ''; }); var w=window.open('','_blank'); w.document.write('

Refinance Check Report

' + g('rf_hero_title').textContent + '

' + g('rf_hero_sub').textContent + '

' + rows + '

Metric	Value

'); w.document.close(); });// Prepayment Exports g('pp_cpy').addEventListener('click', function(){ var txt = '📉 *Prepayment Savings*\n• ' + g('pp_saved').textContent + '\n• ' + g('pp_saved_sub').textContent + '\n\n*Run your own numbers:* https://savexpert.com/calculators/loan-comparison-calculator/'; var btn = this; var orig = btn.innerHTML; navigator.clipboard.writeText(txt).then(function(){ btn.innerHTML = '✅ Copied!'; btn.style.background = '#16a34a'; setTimeout(function(){ btn.innerHTML = orig; btn.style.background=''; }, 2000); }); }); g('pp_csv').addEventListener('click', function(){ var csv = 'Metric,Value\n'; var stats = document.querySelectorAll('#pp_stats .stat'); stats.forEach(function(s){ var lbl = s.querySelector('.stat-lbl').innerText; var val = s.querySelector('.stat-emi').innerText; csv += '"' + lbl + '","' + val + '"\n'; }); var a=document.createElement('a'); a.href=URL.createObjectURL(new Blob([csv],{type:'text/csv'})); a.download='prepayment-summary.csv'; a.click(); }); g('pp_pdf').addEventListener('click', function(){ var rows = ''; document.querySelectorAll('#pp_stats .stat').forEach(function(s){ rows += '' + s.querySelector('.stat-lbl').innerText + '' + s.querySelector('.stat-emi').innerText + ''; }); var w=window.open('','_blank'); w.document.write('

Prepayment Saver Report

' + g('pp_saved').textContent + '

' + g('pp_saved_sub').textContent + '

' + rows + '

Metric	Value

'); w.document.close(); });g('cmp_rst').addEventListener('click',function(){ g('cmp_amt').value=300000; g('cmp_amtr').value=300000; g('lc_a_rate').value=8.5; g('lc_a_rater').value=8.5; g('lc_a_tenure').value=20; g('lc_a_tenurer').value=20; g('lc_a_fee').value=500; g('lc_a_penalty').value=0; g('lc_b_rate').value=9.2; g('lc_b_rater').value=9.2; g('lc_b_tenure').value=20; g('lc_b_tenurer').value=20; g('lc_b_fee').value=0; g('lc_b_penalty').value=2; g('lc_c_rate').value=7.9; g('lc_c_rater').value=7.9; g('lc_c_tenure').value=15; g('lc_c_tenurer').value=15; g('lc_c_fee').value=1200; g('lc_c_penalty').value=0; g('cmp_res').className='res'; if(pieChart){ pieChart.destroy(); pieChart=null; } }); g('rf_rst').addEventListener('click',function(){ g('rf_bal').value=250000; g('rf_cur_rate').value=9.5; g('rf_remain').value=15; g('rf_penalty').value=2; g('rf_new_rate').value=7.5; g('rf_new_tenure').value=15; g('rf_fees').value=3000; g('rf_res').className='res'; }); g('pp_rst').addEventListener('click',function(){ g('pp_amt').value=500000; g('pp_rate').value=8.5; g('pp_tenure').value=20; g('pp_extra_m').value=500; g('pp_extra_y').value=0; g('pp_extra_once').value=0; g('pp_once_month').value=12; g('pp_res').className='res'; }); })();/* --------------------------------------------------- INTEGRATION: RECEIVE DATA & TRIGGER CALCULATION --------------------------------------------------- */ (function() { function loadMiniWidgetData() { function injectAndTrigger(elementId, savedValue) { var el = document.getElementById(elementId); if (el && savedValue !== null && savedValue !== '') { el.value = savedValue; el.dispatchEvent(new Event('input', { bubbles: true })); return true; } return false; }var curVal = sessionStorage.getItem('sx_lc_cur'); var amt = sessionStorage.getItem('sx_lc_amt'); var rateA = sessionStorage.getItem('sx_lc_a_rate'); var tenA = sessionStorage.getItem('sx_lc_a_ten'); var rateB = sessionStorage.getItem('sx_lc_b_rate'); var tenB = sessionStorage.getItem('sx_lc_b_ten'); var hasData = false;if (curVal) { var sym = curVal.split('|')[0]; var curSelect = document.getElementById('cmp_cur'); if (curSelect) { var exists = Array.from(curSelect.options).some(function(opt) { return opt.value === curVal; }); if (!exists) { var newOpt = new Option(sym + ' ' + (curVal.split('|')[1] || ''), curVal); curSelect.add(newOpt); } curSelect.value = curVal; curSelect.dispatchEvent(new Event('change', { bubbles: true })); hasData = true; } } if (injectAndTrigger('cmp_amt', amt)) hasData = true; if (injectAndTrigger('lc_a_rate', rateA)) hasData = true; if (injectAndTrigger('lc_a_tenure', tenA)) hasData = true; if (injectAndTrigger('lc_b_rate', rateB)) hasData = true; if (injectAndTrigger('lc_b_tenure', tenB)) hasData = true;if (hasData) { var calcBtn = document.getElementById('cmp_btn'); if (calcBtn) { setTimeout(function() { calcBtn.click(); }, 50); } } if (hasData || curVal) { sessionStorage.removeItem('sx_lc_cur'); sessionStorage.removeItem('sx_lc_amt'); sessionStorage.removeItem('sx_lc_a_rate'); sessionStorage.removeItem('sx_lc_a_ten'); sessionStorage.removeItem('sx_lc_b_rate'); sessionStorage.removeItem('sx_lc_b_ten'); } }if (document.readyState === 'loading') { document.addEventListener('DOMContentLoaded', loadMiniWidgetData); } else { loadMiniWidgetData(); } })();

How to Use This Free Loan Comparison Calculator

1. Select your preferred currency from our list of 25+ supported global currencies.

2. Enter the details for your first offer (Loan A), including the total loan amount, the interest rate, and the length of the loan term.

3. Enter the corresponding details for your second offer (Loan B) to set up the comparison.

4. The tool will instantly calculate the estimated monthly payments and the total interest charged for each option.

5. Review the side-by-side breakdown to instantly see which loan saves you the most money over time.

6. Use the Copy Summary button or Export to PDF or CSV to save your comparison report, which you can use as leverage when negotiating with lenders.

Key Takeaways

1. Total Cost Clarity: Look beyond just the monthly payment and see exactly how much total interest each loan will cost you over its lifetime.

2. Smart Negotiations: Print or export your results to easily show lenders what their competitors are offering.

3. Global Formatting: Compare your loan offers seamlessly with built-in support for over 25 major currencies.

4. Privacy First: Your loan comparisons are processed instantly directly in your browser. We never ask for your email, and your financial data is never stored on our servers.

Frequently Asked Questions

1. Why is the loan with the lowest monthly payment not always the best?

Ans: A loan with a longer repayment term (like 72 months instead of 48 months) will give you a much lower monthly payment, making it look more affordable. However, because you are stretching the debt out over a longer period, you will end up paying significantly more in total interest to the bank.

2. What is the difference between an interest rate and an APR?

Ans: The interest rate is the base cost of borrowing the principal loan amount. The Annual Percentage Rate (APR) is a broader measure that includes the interest rate plus any broker fees, discount points, or closing costs. You should always compare loans based on the APR, as it represents the true cost of the loan.

3. Does comparing loans hurt my credit score?

Ans: Using a calculator to run numbers never impacts your credit score. Furthermore, if you are actively applying for loans to get real rate quotes, credit bureaus typically group all hard inquiries made within a 14 to 45-day window as a single inquiry, encouraging you to rate shop without penalizing your score.

Loan Comparison Calculator

⚖ Loan Comparison Calculator

Refinance Check Report

' + g('rf_hero_title').textContent + '

Prepayment Saver Report

' + g('pp_saved').textContent + '

How to Use This Free Loan Comparison Calculator

Key Takeaways

Frequently Asked Questions

1. Why is the loan with the lowest monthly payment not always the best?

2. What is the difference between an interest rate and an APR?

3. Does comparing loans hurt my credit score?

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