Compare two loan options side by side. Free online loan comparison calculator with formula, examples, and FAQ for smart borrowing decisions.
When choosing between loan offers, even a small difference in interest rate can mean thousands of dollars over the loan term. The loan comparison calculator lets you compare two loan options side by side, showing the EMI difference, total interest difference, and which loan saves you more money. This helps you make data-driven borrowing decisions.
For each loan: EMI = P × [r(1+r)^n] / [(1+r)^n - 1] | Savings = Interest_B - Interest_ABoth loans use the standard amortization formula with their respective interest rates. The comparison shows the difference in EMI (monthly impact) and total interest (long-term cost). A lower rate always saves money, but this calculator quantifies exactly how much — helping you decide if a slightly lower rate is worth any additional fees or conditions.
| Input | Output |
|---|---|
| Loan: $100,000, Rate A: 7.5%, Rate B: 8.5%, 20 years | Loan A saves $15,843 in interest. EMI difference: $66/month |
| Loan: $200,000, Rate A: 6.5%, Rate B: 7%, 25 years | Loan A saves $25,200 in interest. EMI difference: $70/month |
| Loan: $50,000, Rate A: 10%, Rate B: 12%, 5 years | Loan A saves $3,014 in interest. EMI difference: $52/month |