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Loan Comparison Calculator

Compare two loans side by side — monthly payment, total interest and total cost — to find the cheaper one.

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Balloon Loan CalculatorWorks out the instalment and the balloon lump sum for a loan amortised over one term but repaid in full after a shorter one. The balloon is the true remaining principal after k payments, not the amount borrowed minus the payments made — the two differ by tens of thousands. Interest-only balloons are handled too, with the full schedule.Car Loan Payoff CalculatorHow long to pay off your car loan, total interest and payoff date — plus the effect of an extra payment.Personal Loan CalculatorMonthly payment, total interest and full schedule for a personal loan given in months rather than years. The extra-payment field is the interesting one: it recomputes the whole schedule rather than scaling it, and reports exactly how many months and how much interest the extra removes.Student Loan Payoff CalculatorMonths to clear your student loan, total interest and payoff date, with an optional extra payment.Loan payoff calculatorFind out how many months it takes to pay off a loan and the total interest.Business Loan CalculatorPrices a business loan the way it actually costs: the origination fee is deducted from what lands in the account but interest is charged on the full face amount, so the real APR is above the quoted rate. The tool solves for that effective rate, and an optional extra monthly payment shows the months and the interest it removes.Loan-to-Deposit Ratio CalculatorA bank's loans divided by its customer deposits, with the funding gap and what a ratio above 100% really means for liquidity risk.Boat loan calculatorEstimate the monthly payment on a boat loan from the purchase price, down payment, trade-in, sales tax and APR. It works out the amount financed, the monthly payment, the total interest over the term and the total cost, so you can size a marine loan before you sign.

Loan Comparison Calculator is free to use as often as you like, directly from this page. You will find it under Loans & credit, with Balloon Loan Calculator and Car Loan Payoff Calculator for the neighbouring cases.

How to use it

  1. Open the tool — no signup or install needed.
  2. Enter your input or adjust the available options.
  3. Get your result instantly, then copy or download it.

Frequently asked questions

What does Loan Comparison Calculator do?

Compare two loans side by side — monthly payment, total interest and total cost — to find the cheaper one.

When would I actually use this?

Before signing: checking whether the instalment fits the budget, comparing two offers at different rates and terms, and seeing what a shorter term really costs each month.

What is the most common mistake?

Comparing monthly instalments instead of total interest. A longer term always looks cheaper each month and costs more overall — the two figures move in opposite directions.

How is Loan Comparison Calculator different from Balloon Loan Calculator?

They sit next to each other but answer different questions: Balloon Loan Calculator is the one to open when you need it to works out the instalment and the balloon lump sum for a loan amortised over one term but repaid in full after a shorter one. The balloon is the true remaining principal after k payments, not the amount borrowed minus the payments made — the two differ by tens of thousands. Interest-only balloons are handled too, with the full schedule. Pick whichever matches what you're starting from — both are free.

Is there a tool for the next step?

Car Loan Payoff Calculator is the closest one after this: How long to pay off your car loan, total interest and payoff date — plus the effect of an extra payment.

What else is worth having open alongside it?

Personal Loan Calculator and Student Loan Payoff Calculator — they come up in the same task often enough to be worth a second tab.

Where do the figures come from?

The amortisation arithmetic is standard and exact; the rate is yours to supply. Lenders add fees, insurance and sometimes a different compounding convention, so treat the result as the loan's own cost, not the offer's APR.

Further reading

All guides →
GuideShould You Pay Off a Car Loan Early? The Rule, and the Three ExceptionsSettling a $20,000 car loan at 7 percent two years in saves $1,431 of interest — but only $663 of that is a real gain if the cash was earning 4 percent, and precomputed interest can take $62 or more off the top.GuideStudent Loan Repayment Strategies: Five Routes Through the Same $30,000Standard, extended, overpaid, refinanced or income-linked: the same $30,000 at 5 percent costs anywhere from $35,716 to $52,613. And where a scheme writes the balance off, overpaying can cost $11,178 and buy nothing.ExplainerThe EMI Formula Explained — and Why a Longer Term Is Mostly a Transfer to the LenderEMI = P·i·(1+i)^n ÷ ((1+i)^n − 1). On $300,000 at 6 percent, doubling the term from 15 to 30 years cuts the payment by 29 percent but multiplies the interest by 2.2 — from $155,683 to $347,515.ComparisonWhat the APR Includes That the Rate Does Not — and Why 6 % Can Beat 7.5 % BackwardsA 6 percent loan with a 3 percent fee and compulsory insurance carries an APR of 10.7 percent and costs $486 more than a 7.5 percent loan with no fees at all. The APR is the figure that catches it.ComparisonDebt Avalanche vs Snowball: What the Difference Actually CostsOne method targets the highest interest rate, the other the smallest balance. On a realistic set of debts the gap is smaller than most people expect — here is the calculation.GuideWhen Refinancing a Mortgage Actually Pays: France, Germany, ItalyThe rule of thumb everyone repeats — one point of rate gap — is not a rule and gets the timing wrong. What decides it is how much interest you have not yet paid, and the three countries answer the cost side in three completely different ways. Here is the arithmetic, computed.
Loan Comparison Calculator — OneKitly