Loan Comparison Calculator – AllLoanCalculator.com

Loan Comparison Calculator

Compare different loan options to find the best one for your needs

$50,000
5 Years
8%
10%
12%
Loan Comparison Results
Loan Option Interest Rate Monthly Payment Total Interest Total Payment
Option 1 8% $0 $0 $0
Option 2 10% $0 $0 $0
Option 3 12% $0 $0 $0
Best Option

Recommended Loan

Option 1

Monthly Savings vs Highest Rate

$0

Total Savings vs Highest Rate

$0

Find More Loan Options

How to Use the Loan Comparison Calculator of All Loan Calculator

Hello and welcome to All Loan Calculator. This guide will show you how to use our Loan Comparison Calculator. This tool is for anyone looking at more than one loan offer. It helps you see which loan is the better deal. Knowing how to compare loans can save you a lot of money.

What is the Loan Comparison Calculator

The Loan Comparison Calculator is a free online tool. It lets you put two or more loans side by side. You type in the details for each loan you are considering. The calculator then shows you the monthly payment and total cost for each one. This makes it easy to see which loan is the most affordable over time.

Step 1: Find the Calculator

First, go to the All Loan Calculator website. Look for the tool called “Loan Comparison Calculator.” You can find it on our main page. Click on it to open the tool. You will see sections for “Loan 1” and “Loan 2.”

Step 2: Enter Details for Loan 1

Start with the first loan offer you have from a bank. You will need three pieces of information for each loan.

  • Loan Amount: Type the total amount you want to borrow.
  • Interest Rate: Type the annual interest rate for the loan.
  • Loan Term: Type the number of months or years for the loan.

For example, for Loan 1, you might type:

  • Loan Amount: 10000
  • Interest Rate: 6
  • Loan Term: 60 months (5 years)

Step 3: Enter Details for Loan 2

Now, do the same thing for your second loan offer in the “Loan 2” section.

For example, for Loan 2, you might type:

  • Loan Amount: 10000 (the same amount)
  • Interest Rate: 5 (a lower rate)
  • Loan Term: 48 months (4 years)

Step 4: Click the Calculate Button

After you have filled in the details for both loans, find the “Calculate” or “Compare” button. Click on it one time. The calculator will now process the numbers and show you a detailed comparison.

Understanding Your Results

The results page will show you a clear side-by-side comparison. Here is what to look for:

For Each Loan, You Will See:

  • Monthly Payment: This tells you how much you pay each month.
    • Loan 1 might have a payment of $193.
    • Loan 2 might have a payment of $230.
  • Total Interest Paid: This is the extra cost for borrowing the money.
    • Loan 1 might have total interest of $1,580.
    • Loan 2 might have total interest of $1,040.
  • Total Payment: This is the loan amount plus all interest.
    • Loan 1 total cost: $11,580.
    • Loan 2 total cost: $11,040.

How to Decide Which Loan is Better

Look at the results to make your choice.

  • Loan 1 has a lower monthly payment but you pay more total interest.
  • Loan 2 has a higher monthly payment but you pay less total interest and save over $500.

The calculator helps you see this trade-off. You can choose the loan that best fits your budget and saves you the most money in the long run.

Using the Loan Comparison Calculator is that simple. In just a few steps, you can find the smartest loan for your needs. Visit All Loan Calculator today and try it for yourself. Become a smarter borrower and save your money.

Back to top button