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Loan Comparison Calculator — Find the Lower-Cost Offer

Compare any two loan offers side by side — same amount, different rates and terms — to see which truly costs less.

Quick answer: The cheaper loan is not always the one with the lowest payment. Compare APR, term, fees, total interest, and payoff flexibility to find the lower all-in cost.

Loan A Monthly Payment
$484
Loan A Monthly Payment
$484
Loan A Total Cost
$23,212
Loan B Monthly Payment
$424
Loan B Total Cost
$25,437
Side-by-side comparison
Cost Difference (A vs B)
-$2,226
Diagnostic

The total cost gap between these loans is -$2,226 (positive = Loan B costs more; negative = Loan A costs more).

Even a small rate or term difference compounds over the life of the loan. Compare the Total Cost rows above to confirm which option is cheaper.

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What to do next

Compare loan offers

Your action plan
  1. 1

    Compare the leading option against your current setup

    Compare any two loans side by side to find the lower-cost option.

  2. 2

    Pressure-test one alternate scenario before deciding

    Assumptions change the answer, especially when rates, taxes, or timing matter.

  3. 3

    Save the result to Money Map or use the linked next action

    Turn the result into a prioritized action instead of treating it as a one-off number.

Compare loan offers

This is an educational estimate, not tax, legal, investment, or lending advice. Tax rules, rates, and eligibility change and depend on your full situation. Confirm with a qualified professional or the provider before acting.

Calculator action path

Turn this result into a decision

Every SwitchWize calculator connects to a product comparison, rate context, guidance, alerts, and Money Map.

Rate authority hub
Compare
Compare loan offersMove from calculation to current product options.
Rate Trend
Track personal loansUse market context before you decide when to act.
Guide
A Personal Loan at 10% APR vs. a Credit Card at 22%: The Math Is Not CloseWhen a personal loan makes sense, when it destroys value, how to get the lowest rate, and what lenders don't disclose upfront, including the origination fee that changes every calculation.
Money Map
Add this scenario to Money MapTurn the result into a saved opportunity or plan item.
Alert
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Top loan rates

Reviewed Jul 9, 2026 · Methodology

See all →
Reach Financial
Checked Jul 9, 2026
5.99%APR
Get Rate
PenFed Credit Union
Checked Jul 9, 2026
6.09%APR
Get Rate
Upstart
Checked Jul 9, 2026
6.20%APR
Get Rate

Advertising disclosure: SwitchWize may earn a referral fee if you open an account through a link above. This does not affect our rankings. Ranked using the SwitchWize methodology. Learn more

Frequently Asked Questions

Everything you need to know.

Should I choose a lower payment or lower total cost?
Lower total cost is almost always better if you can afford the higher payment. The exception: if you would invest the payment difference at a higher return than the loan rate. Otherwise, optimizing for total cost wins.
What is the difference between APR and interest rate?
The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus fees (origination fees, closing costs). Always compare APR, not just interest rate — a loan with 0.5% lower rate but $2,000 more in fees may be more expensive.
Is the Loan Comparison Calculator — Find the Lower-Cost Offer free to use?
Yes. SwitchWize calculators are free, and you do not need an account to run scenarios or view the result.
Does using the Loan Comparison Calculator — Find the Lower-Cost Offer affect my credit score?
No. Using a calculator does not trigger a credit check. A credit impact can occur only if you apply directly with a lender, card issuer, or provider.
Are the results personalized financial advice?
No. Calculator outputs are educational estimates based on the inputs you enter. Review assumptions and confirm terms directly with providers before making a financial decision.
What should I do after seeing the result?
Use the recommendation module on this page to compare loan offers, or run Money Map to compare this loans & credit decision with your other opportunities.
How does SwitchWize choose related offers?
Related offers are matched by the calculator surface (loans) and ranked using SwitchWize data such as rate, fees, trust signals, product fit, and switching friction. Paid relationships do not change organic ranking order.
How fresh are the rates and offers shown?
Rate and offer data is reviewed on a recurring cadence and every offer module shows review context or links to the methodology and disclosure pages.
Where can I see the ranking methodology?
The SwitchWize methodology page explains how rate freshness, editorial review, affiliate disclosure, and category ranking factors work.
Can Money Map use this result?
Yes. Money Map is the broader diagnostic path: it compares savings, mortgage, cards, and debt so you can see whether this calculator result is your highest-impact next move.

Why This Matters

A lower payment does not mean a lower-cost loan. A longer term with a slightly lower rate can cost $3,000 more in total interest. This calculator shows total cost, not just monthly payment.

How to Use It

  1. 1Enter the loan amount (same for both)
  2. 2Enter Rate and Term for Loan A
  3. 3Enter Rate and Term for Loan B
  4. 4See monthly payment and total cost for each — the difference is your savings
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