How to use this page
- Tap “Add a loan” and enter the amount, rate and term from the lender’s offer.
- Or press “Save to compare loans” on any loan calculator.
- Drag two loans into Loan A and Loan B — on a phone, tap A or B on a loan.
Frequently asked questions
How do I compare two loans?
Look at the total cost — interest plus any arrangement fee — and the true yearly cost, not only the monthly payment. In the example, 8% for 36 months costs $2,072 in all; 7.5% for 48 months costs $2,709, even though its monthly payment is lower.
Why is a lower monthly payment not always cheaper?
A lower payment usually comes from a longer term, so you pay interest for more months. A lower rate with a high arrangement fee can also cost more than it looks.
What is the true yearly cost?
The rate you really pay once fees are counted. For the example loans it is 8.68% and 8.55%, against interest rates of 8% and 7.5%. It is often shown as the APR (annual percentage rate).
Where are my loans saved?
Only in this browser, on this device. Nothing is sent to us. Use “Copy link” to share the two loans you are comparing.