Loan Comparison Tool
Enter the details of multiple loan offers and see a side-by-side comparison of monthly payments, total interest, total cost with fees, and cost per $1,000 borrowed. See which loan wins by different criteria and get guidance on choosing the right option for your situation.
Enter the details of each loan offer to see which one costs less overall. You can compare 2 or 3 options side by side.
All results update in real time as you adjust inputs.
Quick Verdict
Lowest Total Cost
Loan B
$127,795
Lowest Payment
Loan A
$2,100/mo
Fastest Payoff
Loan B
3 years
Loan B saves you $216 over Loan A
in total cost including fees
$216
Side-by-Side Comparison
| Loan A | Loan B | |
|---|---|---|
| Loan Amount | $100,000 | $100,000 |
| Interest Rate | 9.5% | 15% |
| Term | 5 yr | 3 yr |
| Monthly Payment | $2,100★ | $3,467 |
| Total Interest | $26,011 | $24,795 |
| Total Fees | $2,000 | $3,000 |
| Total Cost | $128,011 | $127,795★ |
| Cost per $1,000Total financing cost (interest + fees) per $1,000 of loan amount. Normalizes comparison across different amounts. | $280 | $278★ |
| Effective APR | 10.4% | 17.2% |
★ = best in category
Cost Breakdown Chart
Cumulative Payments Over Time
| Month | Loan A | Loan B |
|---|---|---|
| Month 1 | $2,100 | $3,467 |
| Month 6 | $12,601 | $20,799 |
| Year 1 | $25,202 | $41,598 |
| Year 2 | $50,404 | $83,197 |
| Year 3 | $75,607 | $124,795 |
| Year 4 | $100,809 | Paid off |
| Year 5 | $126,011 | Paid off |
Which Loan Should You Choose?
The “best” loan depends on your priorities:
- Need the lowest monthly payment? Loan A at $2,100/mo. Good if cash flow is tight or you need more working capital each month.
- Want to minimize total cost? Loan B at $127,795 total. Better if you can handle higher payments and want to save overall.
Beyond the numbers, also consider:
- How fast each lender can fund your loan
- Whether there are prepayment penalties
- The lender's reputation and customer service
- Collateral requirements and personal guarantee terms
- Whether the loan terms are flexible if your business needs change
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Get More Loan OptionsHow to Compare Business Loan Offers
A lower interest rate does not always mean a cheaper loan. Term length, fees, and payment structure all affect what you actually pay. Two offers with the same rate can have dramatically different total costs if one has a 3% origination fee and the other has none. This tool runs the math on up to three offers so you can compare them on equal footing.
Total Cost vs. Monthly Payment
The loan with the lowest monthly payment often costs the most in total. Longer terms mean more months of interest, which adds up. A 5-year term loan at 10% costs significantly more in total interest than the same loan over 3 years, even though the monthly payment is lower. The right choice depends on whether you need to optimize for cash flow or total savings. If monthly payment matters most, our loan affordability calculator can help you find your budget ceiling.
Fees Change the Equation
Origination fees typically range from 1% to 5% of the loan amount and are either deducted from your proceeds or added to your balance. A $100,000 loan with a 3% origination fee means you either receive $97,000 or owe $103,000. Either way, it raises your effective borrowing cost. Always include fees when comparing offers. The effective APR shown in this calculator accounts for fees so you can see the true annual cost. Use our factor rate to APR converter if any of your offers use factor rates instead of interest rates.
When the Cheapest Loan Is Not the Best Choice
Cost is important, but it is not everything. A slightly more expensive loan with lower monthly payments may be worth it if it preserves working capital your business needs. Speed matters too: an online lender charging more might fund in days while a bank takes weeks. And flexibility counts. A line of credit may cost more in interest but gives you revolving access a term loan does not. Not sure which loan type fits? Try our loan finder quiz to get a recommendation based on your situation, or talk to a funding specialist to compare real offers.
How It Works
Enter Your Loan Offers
Add up to 3 loans with the amount, interest rate, term, and any fees. Name each one to keep track.
Compare Side by Side
See monthly payments, total interest, total cost, and cost per $1,000 borrowed for each option.
Pick the Right Fit
Use the winner badges and cost breakdown to decide which loan matches your priorities, whether that is lowest cost, lowest payment, or fastest payoff.
What You Get
Side-by-Side Comparison Table
Monthly payment, total interest, fees, total cost, and cost per $1,000 for every loan in one table.
Winner Badges
Instant badges showing which loan wins by total cost, monthly payment, and fastest payoff.
Savings Callout
See exactly how much you save by choosing the cheapest option over the next closest offer.
Visual Cost Breakdown
Stacked bar chart showing principal, interest, and fees for each loan at a glance.
Cumulative Payment Timeline
See how much you will have paid at each milestone and when each loan is fully paid off.
Decision Guidance
Practical advice on choosing between lowest cost and lowest payment based on your business situation.
Loan Comparison Tool: Frequently Asked Questions
Ready for a personalized quote?
Our calculators give you estimates. Our funding specialists give you real offers tailored to your business.
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