What formula is used to calculate monthly payments?

The standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is monthly interest rate, and n is the number of months.

Does this tool support 0% interest loans?

Yes. When the interest rate is 0%, the monthly payment is simply the principal divided by the number of months, and total interest is $0.

Can I compare loans in different currencies?

The calculator is currency-agnostic. Enter any amount and the results use the same unit. Just be consistent across all three loans.

Is the data saved anywhere?

No. All inputs and results exist only in your browser session. Refreshing the page resets all fields.

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Loan Comparison Calculator

Compare up to 3 loans side by side with visual charts

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About this tool

Enter the principal, interest rate, and term for up to three loans and instantly compare monthly payments, total amount paid, and total interest. A bar chart visualises the interest cost of each loan so you can see at a glance which deal saves you the most money. All calculations run locally in your browser — no data is sent anywhere.

How to use

1 Fill in the loan amount, annual interest rate (%), and term in months for Loan 1.
2 Add a second or third loan using the same fields for Loan 2 and Loan 3.
3 Click Calculate to see monthly payment, total paid, and total interest for each.
4 Review the bar chart to visually compare the total interest cost across loans.

Frequently Asked Questions

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