How do I compare loan offers?

Look beyond the interest rate — compare the APR (which includes fees), total cost over the life of the loan, and monthly payment amount. A lower rate with high origination fees can cost more than a slightly higher rate with no fees, especially on shorter-term loans. This calculator shows the true total cost of each offer side by side so you can make an apples-to-apples comparison.

Debt Management

Which Loan Offer Is Actually the Best Deal?

Compare any two loans side by side — mortgages, auto, personal, or student loans. See monthly payments, total interest, and full amortization. Use Solve For mode to back-solve for rate, term, or payment.

Current Monthly Payment

—

New Monthly Payment

—

Est. Interest Saved

—

Break-Even

—

Loan Amount

Amount to Borrow

Same principal for both loans

Loan A

Interest Rate

Loan Term

Loan B

Interest Rate

Loan Term

Total Interest Saved with Loan B

$234,211

Lower Monthly Payment

Loan A

by $595/mo

Loan A Monthly Payment

$1,896.20

30-yr at 6.5% · Total: $682,632

Loan B Monthly Payment

$2,491.23

15-yr at 5.75% · Total: $448,421

Remaining Balance

Shows remaining principal on each loan over time. The shorter-term loan reaches zero faster because more of each payment goes toward principal.

Solve for

Loan Amount

Term (Years)

Interest Rate

Monthly P&I

$1,909.66

Ending Balance

Total Interest

$287,478.03

Total Paid

$687,478.03

Solve for

Loan Amount

Term (Years)

Interest Rate

Monthly P&I

$3,059.97

Ending Balance

Total Interest

$150,795.17

Total Paid

$550,795.17

Loan 1 Pays More Interest

$136,683

Loan 2 saves this amount in interest

Payment Difference

$1,150/mo

Loan 1 has the lower payment

Side-by-Side Comparison

Metric	Loan 1	Loan 2	Difference
Loan Amount	$400,000	$400,000	+$0
Interest Rate	4.000%	4.500%	—
Term	30 years	15 years	—
Monthly Payment	$1,909.66	$3,059.97	+$1,150
Total Interest	$287,478	$150,795	-$136,683
Total Paid	$687,478	$550,795	-$136,683

Remaining Balance Over Time

Shows remaining principal on each loan over time. The shorter-term loan reaches zero faster because more of each payment goes toward principal.

Amortization Schedule

Year	Month	Payment	Principal	Interest	Balance	Total Interest
1	12	$1,909.66	$597.82	$1,311.85	$392,955.85	$15,871.79
2	12	$1,909.66	$622.17	$1,287.49	$385,624.72	$31,456.59
3	12	$1,909.66	$647.52	$1,262.14	$377,994.90	$46,742.70
4	12	$1,909.66	$673.90	$1,235.76	$370,054.23	$61,717.97
5	12	$1,909.66	$701.36	$1,208.30	$361,790.05	$76,369.72
6	12	$1,909.66	$729.93	$1,179.73	$353,189.17	$90,684.78
7	12	$1,909.66	$759.67	$1,149.99	$344,237.88	$104,649.42
8	12	$1,909.66	$790.62	$1,119.04	$334,921.90	$118,249.38
9	12	$1,909.66	$822.83	$1,086.83	$325,226.38	$131,469.78
10	12	$1,909.66	$856.35	$1,053.31	$315,135.84	$144,295.18
11	12	$1,909.66	$891.24	$1,018.42	$304,634.19	$156,709.47
12	12	$1,909.66	$927.55	$982.11	$293,704.70	$168,695.91
13	12	$1,909.66	$965.34	$944.32	$282,329.92	$180,237.06
14	12	$1,909.66	$1,004.67	$904.99	$270,491.71	$191,314.79
15	12	$1,909.66	$1,045.61	$864.06	$258,171.20	$201,910.21
16	12	$1,909.66	$1,088.20	$821.46	$245,348.73	$212,003.68
17	12	$1,909.66	$1,132.54	$777.12	$232,003.85	$221,574.73
18	12	$1,909.66	$1,178.68	$730.98	$218,115.28	$230,602.10
19	12	$1,909.66	$1,226.70	$682.96	$203,660.87	$239,063.62
20	12	$1,909.66	$1,276.68	$632.98	$188,617.57	$246,936.25
21	12	$1,909.66	$1,328.69	$580.97	$172,961.38	$254,195.99
22	12	$1,909.66	$1,382.83	$526.83	$156,667.33	$260,817.88
23	12	$1,909.66	$1,439.17	$470.50	$139,709.43	$266,775.92
24	12	$1,909.66	$1,497.80	$411.86	$122,060.65	$272,043.07
25	12	$1,909.66	$1,558.82	$350.84	$103,692.82	$276,591.18
26	12	$1,909.66	$1,622.33	$287.33	$84,576.67	$280,390.96
27	12	$1,909.66	$1,688.43	$221.23	$64,681.69	$283,411.91
28	12	$1,909.66	$1,757.22	$152.44	$43,976.16	$285,622.31
29	12	$1,909.66	$1,828.81	$80.85	$22,427.05	$286,989.14
30	12	$1,909.66	$1,903.32	$6.34	$0	$287,478.03

About This Analysis

This calculator compares two loan options based on the inputs you provide. It assumes fixed interest rates for the full loan term and standard amortization. Results do not include taxes, insurance, PMI, closing costs, or other fees that may affect the true cost of a loan. The “Solve For” feature computes one variable from the other four using standard loan math. Results are for informational and educational purposes only and should not be considered financial advice.

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Which Loan Offer Is Actually the Best Deal?

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