Personal Loan Offer Comparison Calculator
Compare three personal loan offers side by side — different rates and terms — and see which one truly costs the least.
How it works
For each offer: Payment = P·r ÷ (1 − (1+r)^−n), r = APR ÷ 12, n = months · Total cost = payment × n · Compare total cost across offers
The cheapest personal loan is not always the one with the lowest monthly payment. A lower rate spread over a longer term can still cost more in total interest than a slightly higher rate on a shorter term. This tool holds the loan amount fixed and shows each offer’s payment, total interest and total cost, so you can weigh a comfortable monthly payment against the true lifetime cost.
Worked example
Borrowing $15,000: Offer A at 9.5% for 3 years costs about $480.31/mo and $2,291 interest; Offer B at 11.0% for 5 years is $326.14/mo but $4,569 interest; Offer C at 8.0% for 4 years is $366.19/mo and $2,577 interest. Offer A is cheapest overall despite the highest monthly payment.
Frequently asked questions
Should I pick the lowest monthly payment?
Not automatically. A low payment usually comes from a longer term, which means more months of interest. Compare the total cost column — a higher payment on a shorter term often saves money overall.
Is APR the same as the interest rate?
For a loan with no fees they match. APR also folds in origination and other fees, so it is the fairer number for comparing offers. Enter each lender’s APR here for an apples-to-apples comparison.
What if an offer charges an origination fee?
Use the APR rather than the note rate, since APR accounts for fees. If a lender quotes only a note rate plus a fee, its true APR is higher, so this comparison would understate that offer’s cost.
Related calculators
Educational estimate, not financial advice. Actual loan terms, fees and taxes vary by lender.