Loan comparison calculator

Compare two offers for the same amount borrowed. See how the interest rate, repayment term, and upfront fees change your monthly payment and total cost.

Use the same currency for every amount. Changing currency changes the label; it does not convert amounts.

Enter your amounts to see an estimate. Enter 0 for an amount or fee that does not apply.

How to choose your inputs

Compare offers for the same amount borrowed and copy the contractual interest rate, repayment term and separately paid fees from each quote. Do not substitute fee-inclusive APR for the nominal interest rate used by this model. If a fee is financed or withheld from proceeds, this cash-fee comparison will not reproduce that offer exactly.

How to interpret your result

Check payment, interest and total cost together. A lower payment can result from more months of repayment, while a lower rate may come with larger upfront fees. The modeled lifetime comparison assumes you keep each loan to payoff; if you expect an earlier sale or refinance, examine the remaining balance and costs over that shorter horizon separately.

Primary references

A lower payment can mean a higher total cost

For a USD 10,000 loan at a fixed 6% annual interest rate with no fees, 36 monthly payments are about USD 304.22 each, with total interest of USD 951.90. Extending the same loan to 60 months lowers the payment to about USD 193.33 but raises total interest to USD 1,599.68. Calculations retain precision until display; multiplying the displayed rounded payment can give a slightly different total.

How this comparison works

For principal P, monthly rate r (annual interest rate divided by 100 and then by 12), and n monthly payments, payment = P × r ÷ (1 − (1 + r) to the power −n). At 0% interest, payment = P ÷ n. Total interest is all scheduled payments minus principal. Total cost is all scheduled payments plus fees paid upfront in cash.

Use the contractual interest rate, not an APR that already includes fees. Fees are not financed or added to the principal. This model assumes a fixed rate, monthly payments at the end of each month, no missed or extra payments, and no prepayment penalties. It does not calculate APR, insurance, taxes, variable rates, or lender-specific daily interest and payment rounding.

Compare terms as well as totals

Both offers use the same principal and currency. Supported inputs are principal and upfront fees from 0 to 1 billion, annual rates from 0% to 100%, and terms from 1 to 600 whole months. USD and CAD are labels; no currency conversion is performed. This generic monthly model is not a Canadian mortgage quote, which may use a different compounding convention.

Estimates are educational and do not represent an offer, approval, guaranteed savings, or individualized financial advice. Check each lender’s repayment schedule and disclosures before deciding.

You can also estimate your net worth or explore Savi’s goal tracking.