Fixed Payment Loan Comparison
Calculator for Comparing Up to Four Loans

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Help you to compare payment amounts and interest costs of one fixed payment loan with up to three others.

This free online Fixed Payment Loan Comparison Calculator will calculate the payments and interest costs of up to four different loans, and will display the results in an easy-to-compare, side-by-side chart.

Interest Cost Factors

There are basically six factors that cause interest costs to vary from one fixed loan to another. They are: the amount borrowed, the annual interest rate, the compounding interval, the payment frequency, the payment amount, and the term. Let's take a look at each factor separately.

Amount Borrowed

All other factors being equal, the more money you borrow (principal) the more you will pay in interest charges.

Annual Interest Rate

All other factors being equal, the higher the annual interest rate the more you will pay in interest charges.

Term

All other factors being equal, the longer you take to pay back the amount borrowed the more you will pay in interest charges.

Payment Interval

All other factors being equal, the longer the time between payments the more you will pay in interest charges.

Payment Amount

All other factors being equal, the smaller the payment amount the more you will pay in interest charges.

Compounding Interval

All other factors being equal, the shorter the time between compounding the more you will pay in interest charges (the fixed loan comparison calculator assumes the compounding interval is the same as the payment interval).

Complex Comparison Simplified

Due to all of the factors involved, comparing one fixed payment loan to one or more other loans can be complicated. For example, a loan with a higher principal may actually cost less if one of more of the other factors are more favorable than a lower principal loan. Thanks to the calculator on this page, comparing loans with different principal, interest rate and term factors is a snap.

With that, let's use the fixed payment loan comparison calculator to calculate and compare the payments and interest costs of up to four different loans.

Calculate Comparison
Calcy sign introducing Fixed Payment Loan Comparison Calculator


Instructions: Select the payment frequency you would like to use for the comparison.

Next enter the principal, interest rate, and number of payments for each column you would like to include in the comparison, and then click the "Calculate Comparison" button.

Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the Fixed Payment Loan Comparison Calculator.

Help Fixed payment frequency:
Terms Loan 1 Loan 2 Loan 3 Loan 4
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Fixed Payment Loan Comparison Calculator Glossary of Terms

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Fixed payment loan frequency: The frequency you would like to use for the comparison (Weekly, Bi-weekly, Semi-monthly, Monthly, Bi-monthly, Quarterly, Semi-annually, or Annually).

Principal entry row: The dollar amount of the amount borrowed for each column you would like to include in the comparison.

Rate entry row: The interest rate percentage for each column you would like to include in the comparison. Enter interest rates as percentages (for .065, enter 6.5%).

# Pmts entry row: The number of payments for each column you would like to include in the comparison.

Payment result row: This row contains the periodic payment for each loan included in the comparison, which are based on your selected frequency.

Total result row: This row contains the total of all payments for each column included in the comparison.

Interest result row: This row contains the interest cost of each column included in the comparison.

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