Loan Comparison Calculator (Two Offers)
Enter the same loan amount with two different rate/term offers to compare monthly payment and total cost side by side.
Loan Comparison Calculator (Two Offers)
Compare two loan offers with different interest rates and terms to see which one costs less overall and which has the lower monthly payment.
Comparing loan offers only by monthly payment can be misleading, since a longer term lowers the payment but raises total interest. This calculator computes both the monthly payment and full total cost for two offers so you can compare them properly.
Example
- With the default values shown above, this calculator returns: Offer A – Monthly Payment ≈ USD 489.15; Offer A – Total Cost ≈ USD 29,349.22; Offer B – Monthly Payment ≈ USD 411.97; Offer B – Total Cost ≈ USD 29,661.56; Lower Total Cost (1 = Offer A, 2 = Offer B) ≈ 1.
Frequently Asked Questions
Why might the offer with the lower monthly payment not be the cheapest overall?
A longer loan term usually lowers the monthly payment but increases the total interest paid over the life of the loan, so the offer with the smaller payment can still end up costing more in total.
What does the 'Lower Total Cost' result mean?
It shows a 1 if Offer A has the lower total cost over its full term, or a 2 if Offer B does — helping you decide beyond just comparing monthly payments.