Loan Comparison Calculator
Updated on 22 Oct 2026 · Checked by Aotob
On $20,000, loan A saves you $239 in total.
Loan A costs $3,705 in interest and fees, loan B $3,944.
Loan A costs less by
$239
Loan A costs less overall, but the other has the lower monthly payment.
Show the working
A: 395.08 × 60 − 20,000 + 0 = 3,705
B: 385.73 × 60 − 20,000 + 800 = 3,944
Side by side
| Loan A | Loan B | |
|---|---|---|
| Rate | 6.9% | 5.9% |
| Term | 5 years | 5 years |
| Fees | 0 | 800 |
| Monthly payment | 395.08 | 385.73 |
| Total repaid | 23,705 | 23,944 |
| APR | 6.9% | 7.61% |
Questions people ask
Should I compare by rate or total cost?
Total cost. A lower rate with high fees, or a longer term, can cost more overall.
Is a lower payment always better?
No. Stretching the term lowers the payment but adds interest. Choose the shortest term you can comfortably afford.
What else should I check?
Early repayment charges, whether the rate is fixed, and late payment fees.
Updated 22 Oct 2026Source: Standard financial maths (time value of money)Checked by AotobFees paid up front; fixed rates. Not financial advice.Report an issue