Loan Comparison Calculator
The lower payment and the lower total cost are not always the same offer.
What This Calculator Does
Places two loan offers side by side, showing the monthly payment, total interest across the full term, and the estimated lifetime cost of each — every scheduled payment plus the upfront costs you enter — over that offer's own term.
Who Is This For
Borrowers holding more than one quote, buyers weighing a shorter term against a longer one, and anyone deciding between a lower rate with higher upfront costs and a higher rate with lower ones.
How It Works
Enter the loan amount once, then the rate, term, and upfront costs for each offer, to see each option's estimated monthly payment, total interest, and lifetime cost over its own term.
Frequently Asked Questions
Why can the better offer depend on how long I keep the loan?
Upfront costs are paid immediately while lower-rate interest savings accumulate gradually; an offer with higher upfront costs and a lower rate can win over a long hold and lose over a short one.
Is the lowest monthly payment always the best loan?
Not necessarily — a longer term can lower the payment while raising total interest substantially; choosing a lower payment is a valid cash-flow decision as long as it is made deliberately.
What should be included when comparing loan offers?
Compare rate, term, points, origination and lender fees, and any required mortgage insurance; third-party costs like title and recording fees tend to be similar across lenders and rarely change the ranking.
What is a reasonable placeholder rate before I have real quotes?
A commonly cited national average for 30-year fixed rates can serve as a placeholder for early modeling, but replace it with actual quotes once available, since your credit profile and loan size will move your pricing.