Calculators

Credit/Savings

Loan comparison calculator

Determining which loan provides you with the best value involves more than simply comparing monthly payments. Use this calculator to sort through the monthly payments, fees and other costs associated with getting a new loan. By comparing these important variables side by side, this calculator can help you pick the loan that works best for you.

Definitions

Loan amount

The total dollar amount for this loan.

Interest rate

The interest rate on this loan.

Loan term

The number of years over which you will repay this loan. The most common terms are 15 years and 25 years.

Origination fee

The dollar amount charged as a loan origination fee, which is included in the Annual Percentage Rate (APR) calculation. For many loans a 1% origination fee is common.

Monthly loan payment

Monthly principal and interest payment (PI).

Equivalent monthly payments

Amount of periodic payments.

Annual percentage rate (APR)

A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example: a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate and very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example: a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate and very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.