Loan Comparison Calculator
Evaluate your options before borrowing to make a major purchase
Are you about to make a major purchase (for example, a college education, a car, or a house)? Do you plan to borrow a loan to make that purchase? The chart below provides a loan comparison exercise. If you are considering various loans, with different terms and interest rates, you can use this chart to weigh your options based on offers from several lenders. For simplicity in comparison, use this chart to compare only fixed annual percentage rates. Fill in information for up to 10 loans you want to compare. Cells with an asterisk (*) will be filled in for you when you click the Calculate button
After you have completed this chart and have calculated the cost of several different loan offers, you can also download a paper version of this chart: the Loan Comparison Exercise (PDF). Record the results of the chart below onto the paper exercise, and you can use it as a point of reference as you continue to evaluate your options and make your decision about which loan to borrow.
Note: This calculator applies to interest and principal only and does not include origination or other fees that may be associated with the cost of borrowing. Check with your lender about potential fees and consider them when calculating the total cost of your loan.
This calculator is provided for estimation purposes only.
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