Loan Comparison Tool
Compare up to 3 loan scenarios side-by-side to find the most cost-effective option.
Before you calculate
Lowest modeled total payments does not automatically mean the best loan. Compare fees, flexibility, term and affordability separately.
How to Choose Between Loans
The best loan depends on your priorities: minimizing monthly cash outflow, minimizing total interest paid, or paying off debt fastest. These goals often conflict — lower payments typically mean longer terms and more total interest.
Total payments = Monthly payment × Number of payments; Interest = Total payments − PrincipalExample Scenarios
Minimize Monthly Payment
Choose the longest term with the lowest rate. This maximizes flexibility in your monthly budget but costs the most in total interest over time. Best if cash flow is tight.
Minimize Total Cost
Choose the shortest term you can afford, combined with the lowest available rate. Even a $50/month higher payment on a 3-year vs 5-year loan can save hundreds in interest.
Methodology & Assumptions
Each scenario is evaluated using the standard amortization formula. The option with the lowest total payment (principal + interest) is highlighted as the best value.
Sources & calculation notes
Maintained by MoneyCalc. Results are estimates based on the inputs and assumptions shown, not personalized financial advice or a lender quote. Default rates are examples unless a specific tax year or official table is identified.
References explain the underlying concepts or rules. They do not endorse or independently certify this implementation.
Calculations run in your browser. Some tools retain settings on this device. Displayed rounding can produce small differences from a statement or contract.