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Compare two loans side by side: enter amounts, rates, terms to see payment, total interest and total cost difference.
Compare two loans side by side: enter amounts, rates, terms to see payment, total interest and total cost difference.
Enter values above and click Calculate — results will appear here with the formula explained.
This compares total cost, not just payment. Longer term lowers payment but raises total interest. Shorter higher payment saves interest.
Use to choose between higher rate shorter vs lower rate longer.
Compare two loans side by side: enter amounts, rates, terms to see payment, total interest and total cost difference. Formula: Payment via loanPayment. Example: Loan1 $20k at 6% for 5y: $387/mo, $3,200 interest.
This compares total cost, not just payment. Longer term lowers payment but raises total interest. Shorter higher payment saves interest.
Use to choose between higher rate shorter vs lower rate longer.
Loan1 $20k at 6% for 5y: $387/mo, $3,200 interest. Loan2 $20k at 8% for 3y: $625/mo, $2,500 interest — Loan2 saves $700 total despite higher payment.
Formulas are standard public references (see our methodology). External standards are cited in the text where they apply.
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