Compare up to three loan options
Each card accepts a loan amount, rate, term, upfront fee, recurring monthly fee, and optional extra payment.
Example data table
Use this sample set if you want a quick starting point.
| Loan | Principal | Rate | Term | Upfront Fee | Monthly Fee | Extra Payment |
|---|---|---|---|---|---|---|
| Bank A | $25,000.00 | 7.400% | 60 months | $600.00 | $12.00 | $0.00 |
| Bank B | $25,000.00 | 6.900% | 72 months | $950.00 | $0.00 | $50.00 |
| Credit Union | $25,000.00 | 6.500% | 60 months | $350.00 | $8.00 | $25.00 |
Formula used
Monthly rate = Annual rate ÷ 12 ÷ 100
Base payment = P × r ÷ (1 − (1 + r)−n)
Total fees = Upfront fee + (Monthly fee × Actual payoff months)
Total cost = Total interest + Total fees
Total paid = Principal + Total cost
Where: P is principal, r is monthly interest rate, and n is the original number of months.
If you add extra monthly payment, the calculator runs an amortization loop month by month until the balance reaches zero. That produces a shorter payoff time, a lower total interest amount, and a new total fee amount when recurring fees exist.
The estimated effective APR uses net proceeds after upfront fees and discounts the scheduled payment stream until the net present value becomes zero.
How to use this calculator
- Enter up to three loan labels so the results stay easy to read.
- Type the principal amount for each loan option you want to compare.
- Add the annual interest rate and full repayment term in months.
- Include upfront lender charges and any recurring monthly fee.
- Enter an extra monthly payment if you plan to pay above schedule.
- Press Compare Loans to show the results above the form.
- Review total cost, total paid, monthly outflow, and payoff time together.
- Use the CSV or PDF buttons to export the comparison output.
Frequently asked questions
1) What does total loan cost mean?
Total loan cost combines all interest and entered fees across repayment. In this calculator, it equals total interest plus upfront charges plus recurring monthly fees.
2) Why can a lower rate still cost more?
A lower rate can still lose when upfront fees are high, monthly fees continue for years, or the repayment term stretches much longer.
3) Does extra monthly payment change the result?
Yes. Extra payment usually shortens payoff time, reduces interest, and may lower recurring fee totals because fewer months remain open.
4) Is estimated effective APR the same as the lender quote?
Not always. It is a comparison estimate built from your entered cash flows. Official lender disclosures may follow different compliance rules.
5) Can I compare loans with different terms?
Yes. That is one of the most valuable uses here. Different terms often change monthly comfort and lifetime cost in opposite ways.
6) Should I focus on monthly payment or total cost?
Use monthly outflow when budget pressure matters most. Use total cost when long-term value matters most. Many borrowers balance both.
7) Can this handle zero-interest financing?
Yes. A zero rate uses straight-line principal repayment. Fees still matter, so a fee-heavy zero-rate offer may not be the best option.
8) Are taxes, insurance, or penalties included automatically?
No. Only values you enter are calculated. Add recurring insurance to the monthly fee field and add one-time charges to upfront fee.