Calculator
Loan Comparison Calculator
A loan comparison calculator runs the same amortization math on two loans and compares them side by side. It shows the monthly payment, total interest, and total cost of each so you can see which one costs less.
Advertising disclosure: EmergencyLoaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.
- Runs in your browser
- No sign-up
- Free
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
Two loans can have the same amount but very different costs. This calculator runs the amortization formula on both and compares the results side by side.
For each loan: M = P * r * (1 + r)^n / ((1 + r)^n - 1), and total interest = M * n - P.
- P = amount borrowed, the same for both loans
- r = monthly rate = annual rate / 12 / 100
- n = number of monthly payments
The cheaper loan is the one with the lower total cost, which is not always the one with the lower payment. A longer term can lower the payment while raising the total interest.
Enter the rates from your own offers. Rates vary by lender and credit profile.
How to use this calculator
Enter your numbers
Everything runs in your browser. Nothing you type is sent to us.
Read the result
The result shows the headline figure and the numbers behind it, so you can see where the cost comes from.
Check the rules before you apply
State caps and licensing decide what a lender may offer you. The state reference lists both with their sources.
Before you apply, run the numbers
The calculators are free and run in your browser. When you are ready to look at real offers, the link below goes to our referral partner.
Advertising disclosure: EmergencyLoaning may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. The lowest rates are only available to the most qualified applicants. Read the full disclosure.