Personal Loan Comparison Calculator: Compare Costs Between Loans
Use our calculator to evaluate two personal loan offers. Compare monthly payments, total costs and APRs to help you choose the right loan for you.
The best option:
Loan A is the clear winner: $18 less per month and $1,081 less overall.
| Loan A | Loan B | Difference | |
|---|---|---|---|
| Difference | |||
| Monthly payment | $297 | $315 | $18 |
| Total interest | $2,821 | $3,902 | $1,081 |
| Total cost of payments and fees | $17,821 | $18,902 | $1,081 |
| APR | 7.00% | 9.50% | 2.50% |
Updated October 12, 2026
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How to use this calculator
This calculator assumes you’re comparing two loans of the same amount, but with different rates, terms and/or origination fees. These details should be included on your loan offers. (If not, ask the lenders.)
- In the top section, enter the details for each loan. Type in amounts or use the sliders.
- The outcomes in the middle section will change to reflect your inputs. This section also calls out your best option, which is always the loan with the lowest cost and annual percentage rate (APR).
- The last section helps you choose the best loan based on what’s most important to you, whether that’s the lowest monthly payment or cheapest loan overall.
Loan metrics to compare
Your results show how two personal loans compare across several factors. Here’s a little more about each one.
Monthly payment is the amount you pay every month for the length of the term.
Total interest is the amount you pay in interest over the life of the loan.
Those two metrics are related. A longer term means lower monthly payments but more interest overall, because you take longer to pay off the loan. A shorter term means higher monthly payments but less in interest overall.
For example, say you take out a $10,000 loan with a 10% interest rate:
Term length | Monthly payment | Total interest | Total cost |
|---|---|---|---|
5 years | $212 | $2,748 | $12,748 |
2 years | $461 | $1,075 | $11,075 |
Total cost includes all your monthly payments (including interest) as well as any upfront origination fee you may have paid.
APR expresses the total cost as a yearly percentage. It’s a strong point of comparison if you’re evaluating the affordability of multiple loan offers.
Other loan features to compare
Beyond monthly payments, total cost and APR, consider these additional features to help you choose the right loan.
Funding time. Some lenders can approve you instantly and fund your loan within 24 hours, while others may take a few days. Timing can be crucial if you need money for a repair or other emergency expense.
Rate discounts. Many lenders lower your rate by 0.25 or 0.5 percentage points when you set up automatic payments. If you’re consolidating debt, some lenders reduce your rate if you let them send funds directly to your creditors. Other lenders offer discounts to existing members.
Fees. APR accounts for origination fees, but not late fees and insufficient-funds fees. Check the loan agreement so you know what kinds of charges you could face.
Payment flexibility. Some lenders let you choose or change your payment date, which can help you align due dates with payment cycles. Others pause or lower payments if you demonstrate financial hardship (though interest may still accrue).
Customer experience. Some lenders make their loans easier to manage with helpful apps, online tools and readily available customer support. Consider these features, as well as borrower reviews.
These are several of the factors the NerdWallet editorial team considers when identifying the best personal loans.
» Dig deeper: How to compare personal loans
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