Loan Comparison Calculator

Enter the loan amount, annual interest rate (APR), and repayment term in months for each loan offer. The calculator uses the standard amortization formula to compute the monthly payment, total interest paid, and total cost for each loan — letting you compare all three side by side.

A good personal loan rate is generally below 10% APR for borrowers with strong credit. Rates typically range from around 6% for excellent credit to 30% or more for poor credit. Shopping around and getting pre-qualified with multiple lenders is the best way to find a competitive rate.

Not necessarily. A lower monthly payment often means a longer term, which can result in significantly more total interest paid over the life of the loan. Use this calculator to weigh both the monthly payment and the total interest cost together before deciding.

Shorter terms mean higher monthly payments but much less total interest paid. Longer terms reduce your monthly burden but increase the overall cost. Consider your monthly budget alongside the total interest each option produces — the comparison table makes this easy to see at a glance.

This calculator focuses on principal, interest rate, and term to compute the core cost of each loan. Origination fees, prepayment penalties, and other lender charges are not included. To get a true cost comparison, add any upfront fees to the loan amount you enter.

Your credit score is one of the biggest factors lenders use to set your interest rate. Even a small difference in APR — say 7% vs 11% — can mean hundreds or thousands of dollars more in total interest on the same loan amount. Running both rates through this calculator quickly shows you the real dollar impact.

Yes. Each of the three loan slots accepts an independent loan amount, rate, and term. This is useful when lenders offer different approved amounts, or when you're deciding how much to borrow versus how long to repay.

The monthly payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. Total interest is then (M × n) − P.