Compare Different Loans by Calculating their Rates and Terms
Banks and other financial institutions will offer you different loans, but would you know which one is the best one for you? Would you know which one to pick?
The challenge in these situations is finding a loan which will allow you to pay the lowest amount of interest, while still maintaining a reasonable monthly payment.
The dilemma when looking at the different term lengths, is that if you chose a longer term, even though your monthly payment will be lower, you will in the end pay much more in interest than if you pick a shorter term. On the other hand, a shorter term will allow you to pay your loan faster, but you need to make sure you can pay your monthly payment, which will be higher, and avoid putting yourself in financial distress.
With this calculator you can compare different loans, and choose the rate and term that best matches your financial situation.
Please change the suggested values with your own amounts in the blue text boxes.
Our financial calculators start with default values to suggest what to enter typically in each modifiable field, displayed as blue text boxes, in order to simulate a common scenario. Please change those values with your own. To keep track of your changes, the blue box will turn gray after they are modified.
You will also notice that our calculators behave like financial applications and recalculate automatically all values with each change instead of having to click on some extra button or going to a new result page, this is intentional and helps understand the effect of one change with the overall result in a more dynamic and instantaneous manner.
However, charts in our older calculators are not updated automatically, so if there is an "Update" button next to the chart, make sure to click on it after you make a change before you analyze it.