Loan Comparison Calculator
 What is the best way to compare loans?
 What is the best indicator for comparing loans?
 What is some practical advice when comparing loans?
 The loan comparison calculator. How to generate a loan comparison chart?
 How to use the loan comparison tool as a car loan comparison calculator?
 FAQ
 Loan comparison tool disclaimer
If you're shopping around for loans, you can use the loan comparison calculator, which will help you choose the best loan option. If you would either like to carry on with an auto loan comparison or personal loan comparison, this device will support you excellently.
If you would like to compare home loans, however, you can use our mortgage comparison calculator. This is a more advanced loan comparison tool created to compare two mortgages in detail.
What is the best way to compare loans?
The following factors are the most crucial aspects of comparison available to you in online loan comparison calculators:
 Loan amount;
 Monthly payment;
 Loan term;
 Total interest;
 Total payment;
 Fees; and
 Interest rate and APR.
When you borrow money, you want to find the one which is the most favorable for your financial situation and incurs the lowest possible cost.
What is the best indicator for comparing loans?
The best indicator to compare loans is the Annual Percentage Rate or APR. It takes into account not only the interest charges but also the additional fees.
What is some practical advice when comparing loans?
Follow the below points to increase the chances of finding the best loan option:
 Get loan offers from at least three different lenders or more;
 Look for payment accelerating options;
 Check the total costs; and
 Read the fine print of the loan contract.
Finally, you can use any online loan comparison tool to select the best loan offer.
The loan comparison calculator. How to generate a loan comparison chart?
Firstly, you need to choose the number of loans you would like to compare. In our loan comparison tool, you can add up to four different sets of parameters and compare them in the summary table or check two selected offers on the loan comparison chart.
Afterward, you can set the base of the computation. You have the following three options available:
 Loan terms  In this case, all monthly loan payment calculation will be determined according to the terms;
 Monthly payments  If you choose this option, you need to set the monthly payment of each loan and the loan term (or amortization term) will be computed accordingly; and
 Both (customized individually)  With this option, you can set the previous two options separately for each loan.
At this point of this loan comparison tool, you have to input more details about the available loans. Let's say you want to buy a car, what do you need to fillin?
 Loan amount  Either the remaining balance or, in the case of a new loan, the original loan value. If you're using our tool as the auto loan comparison calculator, input the amount of money you need to borrow to buy a car.
 Interest rate  Yearly rate of interest or APR.
 Term  The remaining or original loan term.
 Interest rate  Nominal annual rate. You may give the APR here, but in that case, you need to do it for each loan you are comparing.
 Prepaid fees  If you need to pay any fees, this is the right place to enter them in this car loan comparison calculator.
 Payment  Monthly installments.
 Interest calculation method  The compounding frequency. This option is available in the
advanced mode
of the auto loan comparison calculator.
In the result, you can read and compare the essential loan terms such as:
 Loan amount:
 Monthly payment;
 Loan term;
 Total interest;
 Total payment; and
 APR (Annual Percentage Rate).
If you compare two loans only, you will see a dynamic loan comparison chart to follow the progression of the loans under comparison.
How to use the loan comparison tool as a car loan comparison calculator?
Let's say you are about to buy your dream car. Since you don't have enough saving for the purchase, you decide to take a car loan of $10,000
with a 2 year term
.
To get the best option suitable for your financial situation, you shop around in the market and get the following three offers.

10%
interest rate with$100
prepaid fee; 
12%
interest rate with$200
prepaid fee; and 
8%
interest rate with$500
prepaid fee.
Which would be the best option? At first sight, you may think that the third option with the lowest interest rate might be the one, but if you place these numbers in our loan comparison calculator, you will see that the lowest total payment and APR are found in the first option.
Loan #1  Loan #2  Loan #3  

Loan amount  $10,000.00  $10,000.00  $10,000.00 
Monthly payment  $461.45  $470.73 ($9.29 more)  $452.27 ($9.18 less) 
Loan term  2 years  2 years  2 years 
Total interest  $1,074.78  $1,297.63  $854.55 
Total payment  $11,174.78  $11,497.63  $11,354.55 
APR  11.01%  14.05%  13.14% 
FAQ
What is the monthly payment of a $10,000 loan for five years and a 10% interest rate?
The monthly payment of a $10,000 loan for five years and a 10% interest rate is $212.47. Note, that you may need to pay an additional upfront fee as well.
Loan comparison tool disclaimer
You should consider the loan comparison calculator as a model for financial approximation. All payment figures, balances, and interest figures are estimates based on the data you provided in the specifications that are, despite our best effort, not exhaustive.
For this reason, we created the calculator for instructional purposes only. Still, if you experience a relevant drawback or encounter any inaccuracy, we are always pleased to receive useful feedback and advice.
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Retention ratio
Loan #1  Loan #2  Loan #3  
Loan amount  $10,000.00  $10,000.00  $10,000.00 
Monthly payment  $132.15  $222.44 ($90.29 more)  $148.12 ($15.97 more) 
Loan term  10 years  5 years (5 years less)  7 years and 6 months (2 years and 6 months less) 
Total interest  $5,858.09  $3,346.67  $3,330.53 
Total payment  $16,058.09  $13,396.67  $13,430.53 
APR  10.4844%  12.2209%  8.2964% 