Compare two or three fixed-rate loan offers using their amounts, annual interest rates, monthly terms, and upfront fees. Each offer gets its own monthly payment and total interest-plus-fee cost. A lower monthly payment can reflect a different term or amount, so read the results together. Upfront fees here are paid separately and are not financed or deducted from the amount. No offer is selected as a winner. The source-based starting values are formula checks, not quotes from lenders.
Worked formula check
The inputs come from CFPB installment-loan sample inputs. This check uses regular monthly periods, excludes the sample's odd first period and other charges, and calculates the outputs with the formula below. It is not a lender offer.
| Input or result | Value |
|---|---|
| Sample H-11 inputs | $5,000; 12%; 24 months |
| Calculated H-11 regular payment | $235.37 |
| Sample H-12 inputs | $5,000; 15%; 36 months |
| Calculated H-12 regular payment | $173.33 |
| Calculated H-11 interest | $648.82 |
| Calculated H-12 interest | $1,239.76 |
Make the offers comparable
Start by checking the amount borrowed in each offer. If the amounts differ, a payment comparison alone does not tell you which offer supplies the same amount of money. Enter the full interest-bearing balance for each one. Next, copy the annual interest rate and repayment term from the offer. Use the fee field for charges you will pay separately at the start. If a charge has already been added to the borrowed balance, leave it out of that field. The total-paid figure adds the separate fee to the calculated stream of payments.
Read the side-by-side results
The first result for each offer is the monthly principal-and-interest payment. The interest-plus-fee result compares the cost above the borrowed principal. Total paid includes both the principal returned and those costs. Because every offer is calculated independently, you can see a shorter term beside a longer one without forcing them onto the same schedule. The page leaves the interpretation to you. Consider whether the payment fits the cash-flow limits you have chosen and whether the term matches the period you want to remain in debt. The results do not measure approval likelihood or credit eligibility.
Change one detail at a time
To understand what is causing a difference, first use the same amount and term for both offers and vary only the rate. Then enter the actual term and fee for each one. This is a way to inspect the math, not a claim about what a lender will agree to change. The optional third offer works in exactly the same way. Select its checkbox to include it; clear the checkbox to return to a comparison of two offers. Recalculate after changing any field. The page marks changed inputs so that you can tell when the displayed result needs to be updated.
Compare the full terms outside the calculator
This tool assumes a fixed rate, regular monthly payments, and no extra principal payments. It does not model rate adjustments, payment holidays, default charges, or optional products. If an offer contains any of those features, read its repayment terms before treating the displayed total as a match. Use the APR tool when an upfront finance fee is deducted from your proceeds, because this page's separately paid fee convention differs. Use the homepage to investigate an extra-payment plan for a particular offer. Keep the original disclosures as the source of the loan's obligations; the comparison table is a calculation aid.
How it works
r = annual interest rate (%) / 100 / 12
P is the interest-bearing balance, n is the number of monthly payments, r is the monthly rate, and A is the scheduled payment. At a zero interest rate, A = P / n. Each month, interest = opening balance * r; principal = payment - interest; closing balance = opening balance - principal.
This is the regular-payment form of the actuarial relationship in CFPB actuarial formulas, Appendix J. The schedule retains full precision internally and rounds amounts only for display. The model uses a fixed rate and equal monthly periods. It excludes daily accrual, irregular first periods, missed payments, and prepayment charges.
Frequently asked questions
Can I compare three loan offers?
Yes. Select Include a third offer, enter its terms, and calculate again. Clear the checkbox to return to two offers.
Is the lowest monthly payment the least costly offer?
Read the interest-plus-fee cost alongside the payment. A different amount or longer term can change the payment without reducing financing cost.
Are the fees financed in this comparison?
No. The fee is paid separately at the start and added to total paid. Include a financed fee in the amount instead, and avoid entering it twice.
Can I compare different loan amounts?
Yes, but the offers then represent different amounts of credit. Check that each amount would meet the same borrowing need before using payment or cost differences.
Can I compare an extra-payment plan?
Use the homepage for an individual offer with extra payments. This side-by-side tool compares the original regular schedules without optional additions.