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Loan Comparison Calculator

Inputs

Loan 1 - Principal Amount(USD)

The initial amount borrowed

Loan 1 - Annual Interest Rate(%)

APR as a percentage

Loan 1 - Loan Term(years)

Duration to repay the loan

Loan 2 - Principal Amount(USD)

The initial amount borrowed

Loan 2 - Annual Interest Rate(%)

APR as a percentage

Loan 2 - Loan Term(years)

Duration to repay the loan

Loan 1 - Monthly Payment

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Loan 1 - Total Interest Paid

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Loan 1 - Total Cost

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Loan 2 - Monthly Payment

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Loan 2 - Total Interest Paid

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Loan 2 - Total Cost

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Better Loan Option

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Which loan saves you more money (1 or 2)

Total Savings with Better Loan

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How much less you pay with the better option

Monthly Payment Difference

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Formula

M = P × [r(1+r)^n] / [(1+r)^n - 1], where M = monthly payment, P = principal, r = monthly rate, n = total months