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How to Compare Two Loans Side by Side: Monthly Payment, Interest and Fees
Compare two loan offers by monthly payment, total interest and total cost including fees, and decide which one is really cheaper.
Saizul Amin15 Oct 2026 · Updated 17 Oct 2026 · 1 min read
Two loans with different rates, terms and fees are hard to compare in your head. A lower monthly payment can hide a much higher total cost. Side-by-side numbers settle it.
Quick answer
Enter amount, yearly interest rate, term and fee for each loan. The table shows the monthly payment, total interest, total paid and which loan costs less.
What to compare
- Monthly payment: affects your monthly budget.
- Total interest: the real price of borrowing.
- Fees: arrangement, processing or early repayment charges.
- Term: a longer term lowers the payment but raises total interest.
Example
| Loan A | Loan B | |
|---|---|---|
| Amount | 500,000 | 500,000 |
| Rate | 11% | 10% |
| Term | 5 years | 7 years |
| Fee | 5,000 | 15,000 |
| Monthly payment | ≈ 10,870 | ≈ 8,300 |
| Total interest | ≈ 152,000 | ≈ 197,000 |
| Total with fee | ≈ 657,000 | ≈ 712,000 |
Loan B is easier each month but costs about 55,000 more.
Steps
- Enter both loans.
- Compare the cost rows.
- Decide based on your cash flow and total cost.
Tips
- Compare the APR or the effective rate where it is given; it includes fees.
- Ask whether early repayment carries a penalty.
- Check whether the rate is fixed or variable.
- If you can afford the higher payment, a shorter term usually saves money.
