Guide
Compare two loan offers side by side — mortgage, auto, personal, or business loans. This free loan comparison calculator shows monthly payments, total interest, closing costs, and which option costs less over the full loan term.
What to Compare Beyond the Interest Rate
The lowest interest rate does not always mean the cheapest loan. Points, origination fees, closing costs, and PMI can add thousands to your total cost. This calculator includes upfront costs so you see the true price of each option.
APR (Annual Percentage Rate) combines the interest rate with most loan fees, making it useful for apples-to-apples comparisons. When shopping for a mortgage or auto loan, always compare total cost over the period you expect to keep the loan.
When a Higher Monthly Payment Can Still Win
A loan with a lower rate but higher closing costs may only break even after several years. If you plan to refinance or sell within 3–5 years, a loan with lower upfront costs might be smarter even if the rate is slightly higher.
Use the comparison results to find your break-even point: how many months until the lower-rate loan recovers its extra fees through savings.
Tips for Getting the Best Loan
Get quotes from at least three lenders on the same day — rates change daily. Ask each lender for a Loan Estimate (mortgage) or full fee disclosure so you can enter accurate numbers here.
Negotiate closing costs and shop discount points only if you will keep the loan long enough to recoup them.
Key Takeaways
- Compare total cost, not just monthly payment or rate alone.
- Include closing costs and points in every comparison.
- Match the loan term to how long you will actually keep the debt.
- A slightly higher rate with lower fees can win for short timelines.