Loan Comparison Calculator

Compare two loan options considering down payment

Important Information

This calculator provides estimated mortgage payments for illustrative purposes only and is not a guarantee of loan terms. Actual mortgage payments may vary based on your lender's terms, fees, and other factors. The calculations assume a fixed interest rate and do not account for taxes, insurance, or other potential costs. This tool does not constitute financial advice. Please consult with a qualified financial advisor or mortgage professional for personalized information.

Loan Comparison Calculator - FAQs

Our Loan Comparison Calculator helps you easily compare two different mortgage or loan options side by side. By entering your loan details, you can see how different interest rates and terms affect your monthly payments and the total cost over time.

  • Home Price ($): Enter the total price of the home or property you're interested in.
  • Down Payment (%): Input the percentage of the home price you're planning to pay upfront.
  • Loan Term (years): Specify the length of the loan in years (e.g., 15 or 30 years).
  • Interest Rate 1 (%): Enter the interest rate for the first loan option.
  • Interest Rate 2 (%): Enter the interest rate for the second loan option.
Click on "Compare Loans" to see the results.
  • Monthly Payments: How much you'll pay each month for each loan option.
  • Total Interest Paid: The total amount of interest you'll pay over the life of each loan.
  • Difference: The difference in monthly payments and total interest between the two loans.
  • Amortization Chart: A visual graph showing how your loan balances and interest payments change over time.

Comparing loans helps you understand which loan option is more affordable in the long run. Even small differences in interest rates can significantly impact your monthly payments and the total amount you'll pay over time.

A larger down payment reduces the amount you need to borrow, which can lower your monthly payments and the total interest you'll pay. It may also help you qualify for better interest rates.

Yes! Changing the loan term (the number of years you have to repay the loan) will show you how shorter or longer terms affect your monthly payments and total interest paid.

  • Loan Balance Over Time: How your outstanding loan amount decreases each year.
  • Cumulative Interest Paid: The total interest you've paid up to each point in time.
This helps you see how your payments are applied to the principal and interest over the life of the loan.

While it's primarily designed for mortgages, you can use the calculator for any standard fixed-rate loans, such as auto loans or personal loans, by adjusting the inputs accordingly.

No, our Loan Comparison Calculator is free to use, and you don't need to provide any personal information.

Yes! By comparing different loan options, you can choose the one that best fits your budget and minimizes your total costs, potentially saving you thousands over the life of the loan.

Additional Tips and Resources

  • Explore Different Scenarios: Try adjusting the inputs to see how changes in interest rates, down payments, and loan terms affect your payments.
  • Budget Planning: Use our calculators to help plan your budget and prepare for homeownership costs.
  • Contact a Professional: While our tools provide helpful estimates, consider speaking with a financial advisor or mortgage lender for personalized advice.