EachCalculatorLoan Comparison Calculator
Compare two loan scenarios side by side — see the difference in monthly payment and total interest at a glance.
Loan A
Loan B
Loan A Monthly Payment
$1,896.20
Total interest: $382,633.47
Loan B Monthly Payment
$2,491.23
Total interest: $148,421.45
Total Interest Difference (A - B)
$234,212.02
Monthly payment difference: -$595.03
How It Works
Running both scenarios
Each scenario is calculated independently using the standard amortization formula, then the two results are compared directly for monthly payment and total interest.
Example Calculation
A $300,000 loan at 6% over 15 years vs. 30 years has a much higher monthly payment on the 15-year option, but far less total interest paid over the life of the loan.
Common Mistakes
- Focusing only on the monthly payment difference without also looking at the total interest difference — a lower payment often means paying much more in total.
- Comparing loans with different loan amounts, thinking only the rate or term differs.
Frequently Asked Questions
- What's the most common use for this calculator?
- Comparing different loan terms (like 15-year vs. 30-year) or different rates from competing lenders on the same loan amount.