A lower interest rate doesn't always mean a better deal once the loan term is factored in — a longer term can lower the monthly payment while actually increasing the total amount paid over the life of the loan. This tool compares two offers side by side on both dimensions.
Enter the amount, rate, and term for each loan offer, and see both the monthly payment and total cost (principal plus all interest) calculated instantly for each, making the real trade-off visible rather than just comparing headline rates.
This is especially useful when comparing offers with different terms, since the one with the lower monthly payment isn't automatically the cheaper option overall.
Because everything runs locally in your browser, results appear instantly and nothing you type or upload is ever sent to a server.
Bookmark this page if you expect to use this tool regularly — it loads fast and behaves the same way every time, with no account needed.
This kind of task shows up constantly in everyday writing, coding, design, and admin work, which is exactly why a dedicated, focused tool saves so much back-and-forth.
A tool that does one job well, without a cluttered interface or unrelated features competing for attention, tends to be faster to use than a heavier all-in-one app.
If you find yourself needing this conversion or calculation often, keeping this page open in a tab is usually faster than digging through a bigger software suite's menus.
Frequently asked questions
Why might the loan with the lower rate cost more overall?
If it has a longer repayment term, more interest accumulates over that extended time, even at a lower rate — total cost depends on both rate and term together.
Does this account for fees or closing costs?
No, this compares pure principal-and-interest cost; add any origination fees or closing costs separately when making your final comparison.