Question 1

How do I compare two loans?

Accepted Answer

Enter each loan's principal amount, annual interest rate and term in years. The calculator computes monthly payment, total interest, total cost and payoff date for each, then highlights the cheaper option so you can compare at a glance.

Question 2

Which loan is the best?

Accepted Answer

The best loan is usually the one with the lowest total cost (principal + interest). Sometimes a shorter-term loan has a higher monthly payment but lower total interest — that's often the better deal long-term. The chart shows both the monthly payment and the running total cost so you can see which is best for your situation.

Question 3

Does this include fees and insurance?

Accepted Answer

This calculator focuses on the principal + interest comparison that depends on the loan's rate and term. For an apples-to-apples comparison that includes origination fees, points, insurance and taxes, use the dedicated Mortgage Calculator tool which supports those extras.

Question 4

Can I compare more than 2 loans?

Accepted Answer

Yes. Toggle the '3 loans' button at the top to add a third loan scenario. You can edit each loan's name, amount, rate and term independently and see all three side by side with a comparison chart.