Loan Comparison Calculator
Compare two loan options side by side. See which loan saves you more in interest and total cost.
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Loan A
Loan B
Better Option (Lower Total Cost)
Loan B saves you $234,212
| Metric | Loan A | Loan B | Difference |
|---|---|---|---|
| Monthly EMI | $1,896 | $2,491 | -$595 |
| Total Interest | $382,633 | $148,421 | +$234,212 |
| Total Payment | $682,633 | $448,421 | +$234,212 |
| Loan Duration | 360 months | 180 months | 180 months |
Total Interest Comparison
Loan A$382,633
Loan B$148,421
Total Cost Comparison
Loan A$682,633
Loan B$448,421
Frequently Asked Questions
Is a shorter loan term always better?
Shorter terms have higher monthly payments but much lower total interest. A 15-year mortgage typically saves over 50% in interest compared to a 30-year mortgage on the same amount.
How does interest rate affect total loan cost?
Even a small rate difference adds up significantly over time. On a $300,000 mortgage, a 0.5% lower rate can save over $30,000 in total interest over 30 years.
What is EMI and how is it calculated?
EMI (Equated Monthly Installment) is a fixed monthly payment calculated using the formula: EMI = P x r x (1+r)^n / ((1+r)^n - 1), where P is principal, r is monthly rate, and n is total months.