Can I use this for any loan type?

Yes, for mortgages, auto loans, personal loans, and student loans.

Can I compare different loan terms side-by-side?

Yes, the calculator lets you input different loan amounts, rates, and terms to compare total cost and monthly payment.

What if I make extra payments?

Extra payments reduce the principal faster, which reduces total interest paid and shortens the loan term.

Loans & MortgagesTool Review

Loan Comparison Calculator

Provided byBankrate Calculatorsbankrate.com

Side-by-side comparison of multiple loan offers showing total cost over the loan term.

One of 3 options for Loan Comparison Calculator

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Screenshot of Loan Comparison Calculator on Bankrate Calculators — bankrate.comOpen the live tool →

About this tool

What Loan Comparison Calculator does

A concise comparison of two loan options, showing monthly payment, total interest paid, and total cost side-by-side to help borrowers choose the most affordable loan structure for their budget and timeline. Includes a summary table and a brief 'how it works' explanation of the amortization schedule. } , tools: [ 'calculator' ], structure: { loan_amount: 25000, loan_term_years: 5, interest_rate: 6.5, payment_frequency: 'monthly' }, )

Step by step

How to use the Bankrate Calculators Loan Comparison Calculator

1
Input loan amount, interest rate, and term to calculate monthly payment and total cost.
2
Compare multiple loan offers side-by-side to find the lowest cost option.
3
Use the amortization schedule to see how each payment splits between principal and interest.

Is it right for you

Best for

Comparing loan offers, planning payoff strategies, or determining how extra payments affect the loan term.

Limitations

Assumes fixed interest rate for the entire loan term.
Does not account for fees, insurance, or changes in income.

Questions

Loan Comparison Calculator FAQ

Can I use this for any loan type?: Yes, for mortgages, auto loans, personal loans, and student loans.
Can I compare different loan terms side-by-side?: Yes, the calculator lets you input different loan amounts, rates, and terms to compare total cost and monthly payment.
What if I make extra payments?: Extra payments reduce the principal faster, which reduces total interest paid and shortens the loan term.

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