Compare two loans side by side — monthly payments, APR, total interest, total cost, extra payment savings, and break-even point. Works for mortgages, auto loans, personal loans, and home loans.
Live APR calculation
Extra payment savings
Break-even analysis
Send to lender
🏠 Mortgage
🚗 Auto
💳 Personal
🎓 Student
🏡 HELOC
Loan A — Option 1
$
%
yrs
$
1 point = 1% of loan amount
Calculated APR—
Extra Payment
$
Loan B — Option 2
$
%
yrs
$
1 point = 1% of loan amount
Calculated APR—
Extra Payment
$
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Compare APR, Not Rate
APR includes fees — a lower rate with high fees may have a worse APR than a higher rate with no fees.
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Extra Payments Save Thousands
Even $100–$200 extra per month can cut years off your loan and save tens of thousands in interest.
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Check Break-Even First
If you'll sell or refinance within 3–5 years, the loan with lowest fees wins — not the lowest rate.
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Total Cost = Real Winner
Monthly payment is just one number. Total cost including all interest and fees reveals the true winner.
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Ready to compare
Enter loan details for both options, then click Compare These Loans for a complete side-by-side analysis including APR, extra payment savings, and break-even point.
Loan Comparison Results
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Based on total cost including fees
Comparing loans...
Metric
Loan A
Loan B
Difference
Loan A Payment
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Monthly P&I
Loan B Payment
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Monthly P&I
Monthly Savings
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With better loan
Lifetime Savings
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Total cost difference
APR — Loan A
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Includes all fees
APR — Loan B
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Includes all fees
Extra Payment Savings Comparison
Loan A
Base Payment—
Extra/month—
New Payoff—
Interest Saved—
Time Saved—
Loan B
Base Payment—
Extra/month—
New Payoff—
Interest Saved—
Time Saved—
Break-Even Analysis
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Visual Loan Comparison
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Disclaimer: This calculator provides estimates for educational and comparison purposes only. APR calculations are approximate and based on standard amortization. Actual APR, rates, and fees vary by lender. Results do not constitute a loan offer. Consult a licensed mortgage or financial professional before making any loan decisions.
This free loan comparison calculator lets you compare two loans side by side with complete financial analysis — monthly payments, APR, total interest, total cost including fees, extra payment savings, and break-even point. Whether you're comparing mortgage lenders, deciding between a 15-year and 30-year home loan, evaluating personal loan offers, or analyzing auto loan options, this tool gives you every number you need to choose the right loan with confidence.
APR
The single most reliable number for comparing loan offers — includes rate and all fees
$130K+
Average interest saved choosing a 15yr vs 30yr mortgage at today's rates
0.5%
Rate difference that saves $30,000+ over the life of a $300,000 loan
Break-Even
The month when savings from a lower-rate loan outweigh its higher upfront fees
A proper loan comparison calculator goes far beyond monthly payments. Two loans can have identical monthly payments yet differ by $50,000 or more in total cost depending on their terms, fees, and rates. Understanding each metric is essential for making the right borrowing decision.
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APR (Annual Percentage Rate)
APR includes the interest rate plus all upfront fees converted to an annual percentage. It is the most reliable single number for comparing loans from different lenders. A loan with a 5.5% rate but $5,000 in fees often has a higher APR — and higher true cost — than a 5.75% loan with no fees.
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Total Interest Paid
The real cost of borrowing over the full loan term. On a $300,000 mortgage, the difference between 5.5% and 6.5% exceeds $60,000 in interest. When doing a home loan comparison or personal loan comparison, always check total interest — not just monthly payment.
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Extra Payment Savings
Adding even a small extra payment each month dramatically reduces total interest and loan term. This tool shows exactly how much you save with extra payments on each loan independently — a feature unique to this loan comparison calculator that most competitors lack.
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Break-Even Analysis
When one loan has higher fees but lower monthly payments, the break-even tells you how many months until savings exceed the extra upfront cost. Critical for anyone who might sell or refinance within 5–7 years — if you won't reach break-even, choose the lower-fee loan regardless of rate.
Why APR matters more than interest rate when comparing loans: Two lenders quoting 6.5% are not necessarily equal. If Lender A charges $2,000 in fees and Lender B charges $6,000, Lender B's effective APR is higher even at the same stated rate. Always use this calculator's APR comparison to reveal the true cost difference between any two loan offers.
How to Use This Loan Comparison Calculator
1
Select Loan Type
Choose from Mortgage, Auto, Personal, Student, or HELOC. Each type loads realistic default values. You can then adjust any field to match your actual loan quotes.
2
Enter Both Loan Offers
Input amount, rate, term, and fees for each loan. The APR updates instantly as you type — use it to quickly spot which offer has the better true cost before running the full comparison.
3
Add Extra Monthly Payments (Optional)
If you plan to pay more than the minimum each month, enter your extra payment amount for each loan. The calculator shows how much interest you save and how many years you cut off each loan independently.
4
Review Side-by-Side Table and Winner
The comparison table shows every metric with a winner badge per row. The Total Cost row (highlighted) is the most important — it shows which loan truly costs less over its full term including all fees.
5
Share or Send to Your Lender
Use the Share button to copy a pre-filled link with all your inputs. Use Send to Lender to email the comparison directly. Use Print/PDF to save a clean report — ideal for mortgage brokers presenting options to clients.
For mortgage brokers: This tool is designed for client presentations. Enter real lender quotes, add custom labels with lender names, then use Send to Lender or Print/PDF to send a professional side-by-side comparison report directly to your client. The shareable link pre-fills all values so clients can verify the numbers themselves.
Loan Comparison Scenarios — When to Use Each Feature
Scenario
Key Feature to Use
What to Look For
Comparing two mortgage lenders
APR comparison
Lower APR = true lower cost even if rate looks same
15-year vs 30-year mortgage
Total interest + monthly payment
Balance payment affordability vs lifetime savings
Lower rate with discount points
Break-even analysis
Only worth it if you keep loan past break-even month
Planning to pay extra each month
Extra payment savings
Compare interest saved and new payoff date per loan
Enter the loan amount, interest rate, loan term, and upfront fees for each loan. The calculator computes monthly payment, APR, total interest, total cost, and break-even point side by side. Focus on total cost including fees — not just monthly payment — to identify the genuinely cheaper loan.
What is APR and why does it matter when comparing loans?
APR includes both the interest rate and upfront fees expressed as a yearly percentage. It is the single best number for comparing loan offers because it accounts for fees. A loan with a 5.5% rate but $5,000 in fees may have a higher APR than a 5.75% loan with no fees, making it actually more expensive if you keep the loan long-term.
How do extra payments affect a loan comparison?
Extra monthly payments reduce your principal faster, cutting both the loan term and total interest significantly. For a $300,000 mortgage at 6.5%, an extra $200/month saves over $60,000 in interest and pays off the loan 6 years early. This calculator shows extra payment savings for each loan independently so you can compare the true long-term cost under your actual payment plan.
What is the most important factor when comparing loans?
The total cost of the loan including all fees is the most important long-term factor. APR is the best single comparison number because it factors in both rate and fees. Use the break-even analysis to determine whether higher upfront costs are worth lower monthly payments for your specific time horizon.
What is a loan break-even point?
The break-even point is the number of months until cumulative monthly savings from the lower-payment loan exceed its higher upfront cost. If Loan B costs $2,000 more in fees but saves $80/month, the break-even is 25 months. If you plan to sell or refinance before 25 months, Loan A is the better choice despite the higher rate.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage typically saves $100,000–$150,000 in interest vs a 30-year on the same amount, but the monthly payment is roughly 40–50% higher. Use this calculator with both term options — the total interest and total cost rows in the comparison table show the exact tradeoff for your specific loan amount and rate.
How do I compare auto loans from different lenders?
Enter each lender's loan amount, interest rate, term, and any origination or documentation fees. Compare the APR (which includes fees), monthly payment, and total interest paid. Dealer financing often has hidden fees that inflate the true APR, making a bank or credit union loan cheaper even at a slightly higher stated rate.
Can I use this calculator to compare personal loan offers?
Yes. For personal loan comparison, enter the amount, rate, term, and origination fee for each offer. Personal loans often charge origination fees of 1–8% of the loan amount, which significantly impacts APR and total cost. This calculator automatically accounts for fees in both the APR and total cost comparison.
👨💻 About the Creator
I'm Sanjeev Kumar, founder of OurNetHelps. With 10+ years in SEO, automation, and web performance, I build fast, accurate financial tools for home buyers, borrowers, and mortgage professionals.
