LoanComparisonTools

Free Loan Offer Comparison Tools

Lenders compete on the payment; the cost is somewhere else

Four tools that separate the two: total cost against monthly payment, fees expressed as a rate through APR, and the real cost of interest-only and balloon structures that lower the payment by not repaying the debt.

Open the Loan Comparison CalculatorBrowse all 4 tools

Loan Comparison Calculator

Compare two loan offers on payment, total interest, fees and APR, and see which wins on cost and which on cash flow.

Your numbers

Results update as you type. Nothing is sent anywhere.

Offer A
Offer B

Result

Cheaper overall

Offer A

Total difference

$4,027

Lower payment
Offer B
Offer A payment
$801
Offer B payment
$449
Payment difference
$351
Offer A interest
$3,830
Offer B interest
$7,357
Offer A APR
10.61%
Offer B APR
10.24%

A lower monthly payment and a lower total cost are often different offers. The comparison shows both so the trade-off is visible.

APR here folds the fees you entered into the borrowing cost. Lenders may include a different set of fees in their disclosed APR.

Offer comparison

MetricOffer AOffer B
Monthly payment$800.82$449.4
Term (months)3672
Total interest$3,829.52$7,356.8
Fees$400$900
Total cost$29,229.52$33,256.8
APR10.6086%10.2404%

Read the full guide, worked examples and FAQ for this calculator →

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Extending a loan term reduces the monthly payment without reducing the cost of borrowing at all. Interest-only periods and balloon structures take that further: they lower the payment by repaying none or almost none of the principal, and the deferred amount comes back in full.

None of these structures is illegitimate, and each has situations where it is the right answer. What they have in common is that the number they improve is not the number that measures cost - which is why these four tools always report both.

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Loan Comparison

APR, fees and total cost across competing offers.

Why use LoanComparisonTools

Cost and cash flow reported separately

A longer term wins on payment and loses on cost. Seeing both is how the trade-off becomes a decision rather than a default.

Fees as a rate

An origination fee is interest charged up front. APR is what makes a low-rate-with-fees offer comparable to a higher-rate offer without.

Deferred principal made visible

Interest-only and balloon structures show the payment jump and the lump sum, because those are the parts the marketing does not lead with.

Nothing collected, nothing stored

No application, no lead form, no account. Every calculation runs in your browser.

How it works

  1. Compare offers on total cost and on payment - they frequently disagree.
  2. Convert each fee structure into an APR when the terms match.
  3. For interest-only or balloon offers, look at the reset payment and the lump sum first.
  4. Decide which constraint actually binds before choosing.

Frequently asked questions

Should I compare on APR or total cost?

APR when the terms and fee sets match. When terms differ, compare total cost and payment separately, because APR cannot express both at once.

Is a longer term ever the right choice?

Yes, when the shorter payment would strain the budget. The extra interest is the price of a sustainable payment, which is a legitimate thing to buy deliberately.

Why does an interest-only loan cost more overall?

Because interest is charged on a balance that never falls during the period, and the same balance must then amortise over a shorter remaining term.

What happens if I cannot pay a balloon?

The loan is in default and the lender can enforce. Anyone taking a balloon structure should have a second plan for that date, because refinancing depends on rates, credit and value years ahead.

Do you pass my details to lenders?

No. There is no application form and no lead generation on this site. It is funded by advertising.