Loan Comparison Calculator
Compare two loan offers for the same amount side by side: EMI, total payment and which one costs less overall.
- Cheaper by
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- EMI of Offer A
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- Total payment of Offer A
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- EMI of Offer B
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- Total payment of Offer B
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An estimate only; add each lender's fees before deciding.
What is the Loan Comparison Calculator?
This loan comparison calculator takes one loan amount and two offers, each with its own rate and tenure, and shows the EMI and total payment for both. It then tells you which offer costs less overall and by how much, so you can compare beyond the instalment.
How it works
For each offer the EMI is P x r x (1 + r)^n divided by ((1 + r)^n - 1), where r is the yearly rate divided by 1200 and n is the months. Total payment is the EMI multiplied by n. The cheaper offer is the one with the lower total payment, and the difference is shown.
How to use it
- Enter the loan amount you need.
- Type the yearly rate and months for Offer A.
- Type the yearly rate and months for Offer B.
- Read which offer is cheaper overall and by how much.
Loan Comparison Calculator — FAQ
Why can the lower EMI be the costlier loan?
A lower EMI often comes from a longer tenure, which adds more interest overall. Check the total payment, not only the instalment.
Do fees count in this comparison?
No, only interest and principal are compared. Add processing fees and other charges separately to be fully fair.
Can I compare offers with different tenures?
Yes. Each offer has its own months field, so the tool compares total payment even when the tenures differ.