Quick answer
Enter the amount, APR, term and fees for two loan offers to compare the monthly payment and the total interest and fees side by side, and see which one costs less overall.
Two offers can look similar until you compare the total cost. Enter both and let the math decide.
What it compares
For each loan: the amortized monthly payment, and the total interest plus fees over the full term.
Worked example
| Loan A | Loan B | |
|---|---|---|
| Amount | $10,000 | $10,000 |
| APR | 12.99% | 14.99% |
| Term | 36 months | 60 months |
| Fees | $300 | $0 |
| Monthly payment | about $336.89 | about $237.85 |
| Interest + fees | about $2,428 | about $4,271 |
Loan B has the lower payment, but Loan A costs about $1,843 less overall. Worked examples are arithmetic illustrations, not offers.
Tips for comparing offers
- Compare at the same term when you can, to see the true rate difference.
- Include every fee. See loan origination fees.
- Check for prepayment penalties if you might pay early.
- Confirm the numbers on each lender's Truth in Lending disclosure.
Need the APR from a rate and fees? Use the APR calculator.
Ready to see real numbers? Use the form on this page to check whether partner lenders may have an offer, with the APR and full payment schedule shown before you commit, or call (800) 236-7761.
Examples are illustrations, not offers. Approval, APR and terms depend on the lender, your state and your credit profile.
Questions about loan comparison calculator: compare two loan offers
Should I choose the lower payment or the lower total cost?
It depends on your budget. A longer term lowers the payment but usually raises total interest. Choose the lowest total cost with a payment you can comfortably make.
Should I include origination fees?
Yes. The CFPB notes fees such as origination and documentation fees are often added to installment loans. Enter them in the fees row.
Is APR enough to compare loans?
APR includes certain fees, which helps. Comparing the total cost over the term also accounts for different loan lengths.
Can I compare a loan with a credit card?
Not directly here, since cards have no fixed term. Use the credit card payoff calculator for the card side.
Related calculators and guides
- Amortization Calculator: Payment and Payoff Schedule
- Loan Origination Fees: What They Are and How They Cost
- APR vs Interest Rate: What APR Really Means
- APR Calculator: Find the True Cost of a Loan With Fees
- Installment loans
- Calculators
Sources
- CFPB: Do personal installment loans have fees? (accessed 2026-10-09)
- CFPB: What is the difference between a loan interest rate and the APR? (accessed 2026-10-09)
- CFPB: Regulation Z (Truth in Lending), 12 CFR Part 1026 (accessed 2026-10-09)
Last updated 2026-10-09. How we research and update pages.