Calculate loan comparison

Compare two amortising loans by monthly payment and complete cost after one-off fees.

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ToolLoan Comparison Calculator
Input
Output
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How it works

Each offer uses its own principal, monthly rate, and rounded month count in the repayment-annuity formula. Total cost adds every scheduled payment and fee, while total interest excludes fees; fee fields default to 0 but loan terms must contain at least one month.

Formula
total cost = monthly payment × term months + fees
  • The cheaper label follows total cost rather than monthly payment or headline rate.
  • Different principals and terms are allowed, so the displayed cost difference compares the offers exactly as entered.

Worked example

Two 15,000 loans over 5 years
A no-fee 7.9% loan against a 6.5% loan with a 300 arrangement fee
Input
											Loan aamount: 15000
Loan arate percent: 7.9
Loan aterm years: 5
Loan afees: 0
Loan bamount: 15000
Loan brate percent: 6.5
Loan bterm years: 5
Loan bfees: 300
Output
												Loan amonthly payment: 303.43
Loan atotal cost: 18205.71
Loan atotal interest: 3205.71
Loan bmonthly payment: 293.49
Loan btotal cost: 17909.53
Loan btotal interest: 2609.53
Cheaper loan: B
Cost difference: 296.18

When to use this

Personal-loan shopping, vehicle finance, and refinancing decisions compare arrangement fees, monthly affordability, and total repayment.

Edge cases

  • At 0% interest, monthly payment is principal divided by term months and fees still increase total cost.
  • A lower interest rate can still lose when its arrangement fee makes total cost higher.
  • A term shorter than one month is rejected before the payment formula can divide by zero periods.