Your numbers
Quick answer
What does the Personal loan comparison calculate?
Which loan costs less after rates, terms, and upfront fees? This calculator uses amount borrowed, loan a annual rate, loan a term, loan a fees, loan b annual rate, loan b term, and loan b fees to estimate two-loan cost comparison immediately in your browser.
With the values currently entered, the result is Loan A — lower total cost. It also shows loan a payment / total, loan b payment / total, and total cost difference.
How to use the Personal loan comparison
- Replace the example values with your own numbers.
- Review the result and supporting figures as they update automatically.
- Check the formula and assumptions before using the estimate for a decision.
Inputs used
- Amount borrowed
- Loan A annual rate — entered in %
- Loan A term — entered in years
- Loan A fees
- Loan B annual rate — entered in %
- Loan B term — entered in years
- Loan B fees
Personal loan comparison formula
Monthly amortizing payment × term + upfront fees for each loan
Assumptions
- Both loans use fixed rates.
- Early repayment and insurance charges are excluded.
Verify the inputs
Authoritative sources
These sources explain the definitions, factors, or rules behind this tool. Their geographic scope is shown because an official source for one country is not automatically valid somewhere else.
Sources do not endorse Calculum. Check the source date, scope, and your own documents before making a financial, tax, insurance, or reporting decision.
Practical guide
Personal loan comparison example and edge cases
Which loan costs less after rates, terms, and upfront fees? Let's use a concrete example, then look at the assumptions that can move the answer.
Example: A practical personal loan comparison scenario
For this example, use amount borrowed of 20,000, loan a annual rate of 8.5 %, loan a term of 4 years, loan a fees of 300, loan b annual rate of 7.8 %, loan b term of 5 years, and loan b fees of 650. These are starting values, so replace them with numbers that match your situation.
- Amount borrowed
- 20,000
- Loan A annual rate
- 8.5 %
- Loan A term
- 4 years
- Loan A fees
- 300
- Loan B annual rate
- 7.8 %
- Loan B term
- 5 years
- Loan B fees
- 650
Calculated resultLoan Alower total cost
Start with lower total cost. Then check loan a payment / total, loan b payment / total, and total cost difference to understand what sits behind the main result.
Example results use the default display profile. The calculator above follows your selected country and units.
How to read the result
- Read the main result first. The supporting figures for loan a payment / total, loan b payment / total, and total cost difference explain how the estimate is built.
- The method is Monthly amortizing payment × term + upfront fees for each loan. Keep the units consistent and use values from the same time period.
Edge cases worth checking
When amount borrowed is unusual
Both loans use fixed rates. Double-check this input before relying on the result.
When loan b fees is uncertain
Early repayment and insurance charges are excluded. Run a lower and higher value to see a useful range.
What changes the result most
Amount borrowed
Use a current amount for amount borrowed. Include fees or recurring costs that belong in the same figure.
Loan A annual rate
Test a lower and higher loan a annual rate. A small percentage change can move the final result more than expected.
Loan A term
Keep loan a term on the same time basis as the other inputs. Monthly and annual values are easy to mix up.
Try a different scenario
Small changes show whether the answer is stable or sensitive.
Amount borrowed: 10% lower
18,000Loan Alower total cost
Amount borrowed: 10% higher
22,000Loan Alower total cost
Loan A annual rate: 10% higher
9.35 %Loan Alower total cost
Common mistakes
Check amount borrowed
Both loans use fixed rates. Make sure this matches the number you enter.
Keep loan b fees consistent
Early repayment and insurance charges are excluded. Use the same units and time period throughout the calculation.
Do not rely on one personal loan comparison scenario
Run a cautious case and an optimistic case. The range is often more useful than one exact-looking number.
Use this result well
Which loan costs less after rates, terms, and upfront fees?
A lender’s APR, fees, eligibility rules, and contract control the real offer.