Compare two loan offers side by side. Enter the amount, rate, and term for each loan to instantly see which one costs less overall.
Comparing loan offers by interest rate alone can be misleading — a lower rate with a longer term can cost more in total interest than a higher rate with a shorter term. This calculator computes the full picture for two loans side by side: monthly payment, total interest, and total cost.
Both loans use the standard EMI (equal monthly installment) formula banks use worldwide: EMI = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is the monthly interest rate, and n is the number of monthly payments.
Compare the total interest paid, not just the monthly payment or interest rate. A loan with a lower monthly payment but a longer term often costs more in total interest.
Yes — enter each loan's own amount, rate, and term independently; the calculator handles different terms correctly.
No, this compares principal and interest only. Add any origination fees, closing costs, or insurance separately when deciding.
No, all calculations happen in your browser.