Loan Comparison Calculator
Enter the amount you want to borrow, then the rate, the term and any fee for each offer.
This is an estimate to help you plan and not advice. Leave a loan empty to compare just two.
Worked examples
Five years or three
£10,000: loan A 5.9% over 5 years, loan B 7.9% over 3 years
A £192.15 a month, B £311.65 a month
Loan A costs £1,529 in interest and loan B £1,219.
About Loan Comparison Calculator
Lenders compete on headline rates, but the rate is only part of the cost. A longer term lowers the monthly payment while adding interest, and an arrangement fee raises the cost from the start. To choose well you need the total cost of each offer for the same amount, and this page puts up to three loans next to each other to show it.
Enter the amount you want to borrow, then the rate, the term in years and any fee for each loan. You choose whether the rates you were quoted are yearly interest rates or APRs. The table shows each monthly payment, the total interest, the fees and the total cost of borrowing, and names the cheapest loan overall, which is not always the one with the lowest payment.
How to use Loan Comparison Calculator
- Enter the amount you want to borrow.
- Choose whether the quoted figures are yearly interest rates or APRs.
- Fill in the rate, term and fee for two or three loans.
- Compare the monthly payment and the total cost, and look at the cheapest loan.
Common uses
- Choosing between a bank loan and a credit union loan
- Seeing whether a longer term is worth the extra interest
- Weighing a lower rate with a fee against a higher rate with none
- Comparing a consolidation loan with your current debts
Sources
Last reviewed 18 October 2026.
Frequently asked questions
Which loan is cheapest?
The one with the lowest total cost of borrowing, which is the interest plus fees, for the same amount. The page names it under the table.
Should I choose the lowest monthly payment?
Only if your budget needs it. A lower payment usually comes from a longer term, which means more interest overall.
What is the difference between an interest rate and an APR?
The interest rate is the yearly rate charged. APR also takes account of fees and shows compounding, so it is the better figure for comparing offers. Choose the one you have been given.
Are early repayment charges included?
No. Check whether each loan has a charge if you repay early, because that affects the real cost if you plan to clear it sooner.
Why is my quote different?
Lenders set the rate you get from your credit history and circumstances, so the advertised rate may not be the rate you are offered. Use the figures in your own quote.