What does the Loan Comparison Calculator do?
It converts the entered loan assumptions into payment, interest, total cost, and schedule-style outputs using deterministic formulas.
Finance Calculator
Loan Comparison Calculator
Compare loan offers across payment, interest, fees, total modeled cost, optional horizon balance, and conditional fee break-even.
Last reviewed: June 21, 2026Loan comparison method set v1.0.0Finance method set v1.0.0: fixed-payment, amortization, payoff, comparison, flat-rate, and simple-interest formulas
What the Loan Comparison Calculator does
The Loan Comparison Calculator compares two to four fixed-rate offers by payment, interest, fees, modeled total cost, and optional holding-period metrics.
How to use the Loan Comparison Calculator
Enter the values that describe the loan or interest scenario, then review the result, schedule, warnings, and assumptions before using the number.
- Enter at least two offers.
- Include upfront and financed fees.
- Review payment, interest, and modeled cost separately.
Formula
Each offer uses fixed-payment amortization. Break-even months = additional upfront cost / periodic payment savings when meaningful.
Variables
The calculator uses the following variables in its formula layer.
- Offer principal
- Rate
- Term
- Fees
- Payment savings
- Modeled total cost
Assumptions
These assumptions keep the calculation deterministic and transparent.
- No automatic winner.
- Official APR is displayed only if entered.
- Comparisons are most useful when principal and frequency are similar.
Calculation steps
NexaCalc applies the formula in a fixed sequence so the output can be tested and repeated.
- Calculate each offer schedule.
- Add upfront fees to modeled cost.
- Compare payment and interest.
- Show conditional break-even only when meaningful.
Worked examples
Offer A: 500,000 at 10% for 60 months with 5,000 upfront fee has payment about 10,623.52 and modeled cost about 642,411.34.
Offer B: 500,000 at 9.5% for 60 months with 15,000 upfront fee has payment about 10,500.93 and modeled cost about 645,055.84.
Offer B has lower payment and interest, but Offer A has lower modeled full-term cost because of fees.
Result interpretation
The lowest payment is not automatically the lowest total cost. Compare all metrics before making a decision.
Limitations
The result is a model, not a lender quote or official disclosure.
- No official APR calculation.
- Break-even can be misleading if principal or terms differ.
- No approval estimate.
Frequently asked questions
Is the interest rate the same as APR?
No. The entered rate is used for the modeled interest calculation. APR may include other costs and lender disclosure rules.
Why can my lender's numbers differ?
Lenders can use different accrual conventions, rounding, fee timing, payment posting rules, taxes, insurance, and legal disclosures.
Does changing currency convert the amount?
No. Currency changes formatting only. NexaCalc does not fetch exchange rates or convert values.
Can I use this for approval decisions?
No. The calculator does not estimate eligibility, creditworthiness, approval probability, or suitability.
Are extra payments guaranteed to save interest?
The model applies extra payments to principal, but actual savings depend on lender prepayment terms and posting rules.
Does the schedule use daily accrual?
No. The amortization schedule uses periodic interest based on the selected frequency unless the page explicitly uses simple-interest day counts.
Is this financial advice?
No. It is a general education calculator and should be checked against lender disclosures and qualified advice when decisions matter.
References
Financial disclaimer
This calculator is for general educational use only. It is not financial, legal, tax, lending, or investment advice. Lender disclosures, compounding conventions, fees, taxes, insurance, prepayment rules, and local regulations can change actual loan costs.