Loan Comparison Calculator
Compare two or three loans side by side - or see how different terms change the cost of the same loan - and instantly identify the cheapest deal.
Loan A
Loan B
Enter loan details
Enter loan details
About the Loan Comparison Calculator
When shopping for a personal loan, mortgage, or car loan, it is easy to be seduced by a low monthly payment - without realising you are paying far more interest over a longer term. This loan comparison calculator cuts through the noise by showing you the complete cost picture for up to three loans side by side.
Enter the amount, term, rate, and any fees for each loan. The calculator applies the standard amortisation formula to produce the monthly payment, total interest, and total cost for each option - then highlights the cheapest deal with a clear badge so there is no ambiguity.
The Term Impact tab is particularly useful when you have received a single loan offer and want to understand the trade-off between a shorter term (higher monthly payment, less total interest) and a longer term (lower monthly payment, more total interest). Enter the loan details once and the calculator renders all three term options instantly.
How to Use This Calculator
- 1
Choose a comparison mode
Select Compare Two Loans to compare two options side by side, Compare Three Loans to evaluate three at once, or Term Impact to see how different loan lengths affect the cost of a single loan.
- 2
Enter the loan details
For each loan, enter the amount, term in years, annual interest rate, and any upfront fees. The calculator instantly shows the monthly payment, total interest, and total cost for each loan.
- 3
Identify the cheapest loan
The loan with the lowest total cost is highlighted with a Cheapest badge. Total cost includes principal repaid, all interest paid, and any fees - giving you a true like-for-like comparison.
- 4
Use Term Impact to find the right balance
Switch to the Term Impact tab and enter a single loan's amount and rate. The calculator immediately shows the 3-year, 5-year, and 7-year versions side by side so you can see the trade-off between monthly payment and total interest.