What is the Loan Comparison Calculator?
Compare two loan offers side by side on monthly payment and total interest.
Enter loan amount, rate of offer A, term of offer A, rate of offer B and term of offer B and the Loan Comparison Calculator returns cheaper overall, monthly payment A, monthly payment B, total interest A, total interest B and difference in total cost. Results update as you type, and nothing you enter leaves your device.
How it is calculated
How to use it
- Enter loan amount.
- Enter rate of offer A in %.
- Enter term of offer A in years.
- Enter rate of offer B in %.
- Enter term of offer B in years.
- Read cheaper overall in the results panel. It updates as you type.
- Change any value to compare scenarios, or use Share to send the result as a link.
Worked example
Common questions
What formula does the Loan Comparison Calculator use?
It uses: Each offer uses the EMI formula; total cost = EMI × number of months.
What do I need to use the Loan Comparison Calculator?
You need loan amount, rate of offer A, term of offer A, rate of offer B and term of offer B. Sensible starting values are filled in so you can see how it works straight away.
Is the Loan Comparison Calculator free, and is my data stored?
It is free with no sign-up. The calculation runs in your browser, so the values you enter are not sent to or stored on our server.