Loan comparison calculator
Compare two fixed monthly repayment models with the same principal, excluding fees and time-value adjustments.
Calculation assumptions
All amounts are in USD. The fixed nominal annual interest rate is divided by 12, with equal payments at the end of each month; the first payment is one month after borrowing. This input is not an APR. Totals use unrounded payments; lender rounding and daily interest can differ. No extra payments, taxes, insurance, late fees or variable rates are modeled.
Fees, insurance, taxes, daily accrual, variable rates and extra payments are excluded. Defaults illustrate the math and are not lending terms or approval criteria.
Both loans borrow the same principal and repay over their full entered terms. The ranking compares undiscounted total interest only; it does not identify the best loan for your situation or account for fees, timing value, affordability or eligibility.
Loan references
CFPB: https://www.consumerfinance.gov/ask-cfpb/what-is-the-difference-between-a-loan-interest-rate-and-the-apr-en-733/
How to use this calculator
- Loan amount (USD)
- Nominal annual interest rate (%)
- Number of monthly payments