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Loan Comparison Calculator

Loans are a helpful way to cover your costs when you don’t have cash on hand or need some long-term help to achieve your goals — whether that is starting a business, finishing school, buying a car or home, or any other financial decision that will stay with you for a long time.

But figuring out which loan is best for you can be challenging. There are many things to consider, and the cost of a loan can be significantly different depending on the conditions of that loan. You aren’t just paying back a monthly principal; there is interest to consider, as well as monthly fees and other costs that might come up.

When comparing loans, you can’t just look at the amount you’re borrowing. You have to consider all factors. This calculator helps you consider all associated costs and determine which loan is best for you. Use our tool below to see how it all stacks up.

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The total dollar amount for this loan.
The interest rate on this loan.

Different loan types to compare

There are a variety of types of loans that you may consider, depending on your situation. You may be looking to determine how different personal loans stack up before undergoing a project that requires a significant amount of up-front capital. Perhaps you’re comparing mortgages, car loans or the terms of private student loans to pay for furthering your education. Even consolidation loans, designed to help pay down personal debt, can be calculated using this tool.

Loan terms to consider

How to choose the right loan for you

After comparing loans, it is worth considering which terms are best for you. Consider your financial situation and how the loan may affect you. Remember that it is not just a matter of the principal but how long you will maintain the loan and how much interest will accrue over time. It may be worth paying more over time if the payments are more manageable, even if your repayment period is ultimately longer.

You may follow some steps on choosing the best loan for you. First, learn your credit score and know what kind of rate to expect based on that score, your income and debt-to-income (DTI) ratio. Then, run the numbers to ensure you can comfortably afford the monthly payments on your new loan. Once you know exactly how much you would like to borrow, compare different lenders to assess who has the most favorable loan terms.

Consider the type of loan that you are taking on, as well. Bad credit loans will have much higher interest rates than other loans and can stick you in a difficult financial situation. These can be helped with debt consolidation loans, but these carry additional costs that you’ll have to consider, as well — and it may hurt your financial situation or credit if you miss payments.

Choose a loan that is best for your situation, even if it is not considered the “best” terms in a vacuum. What is important is getting access to the money you need at a cost that you can afford.