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Loan Total Cost Calculator: Compare Payments, Interest and Fees

Compare: Compare two installment loans by monthly payment and total scheduled cost, including entered fees. Use the same amount borrowed when testing both offers.

Place two fixed-rate loan offers side by side to compare payment pressure and total borrowing cost.

Make the payment and total cost compete side by side

Use the same amount borrowed for both offers. A lower monthly payment can lose on total cost when the term is longer.

A Offer A
versus
B Offer B

Enter a fee only when it is paid outside the borrowed amount. Do not count a financed fee twice.

Cost comparison

Which offer wins depends on your priority

Compare monthly room and total dollars separately.

Affordable each month is not the same as cheaper overall

Each monthly payment uses the standard fixed-rate amortization formula. Interest is the scheduled payments minus the amount borrowed. Total borrowing cost adds only required fees that you pay separately rather than finance.

Cash flow: Can the payment fit?

Use the monthly result to test the regular budget without assuming a longer term is free relief.

Total cost: What leaves your pocket?

Use interest and required outside fees to see the price above the amount borrowed.

Four checks before accepting either offer

  • Use the same amount borrowed for both offers.

  • Enter each note rate and repayment term from the disclosure.

  • Add only required fees paid outside the financed balance.

  • Compare monthly affordability and total cost, then check APR and early-payoff terms.

Check the calculator against the disclosure

A useful estimate still depends on accurate inputs. These official resources explain the terms behind this tool.

Before you rely on the number

Why can the lower-rate offer cost more?

A longer repayment term or a separately paid fee can outweigh the lower annual rate.

Should an origination fee be added or deducted?

Add it here only when you pay it outside the loan. If the fee is financed, include it in the amount borrowed instead of counting it twice.

This calculator is educational. It is not a quote, approval decision or individualized financial advice.