Finance Tools
Loan Term Comparison Calculator
Compare two different loan terms to see which option results in lower monthly payments and lower total interest.
Compare two different loan terms to see the difference in monthly payment and total interest.
How to use this loan term comparison calculator
- Enter the loan amount (principal).
- Enter the annual interest rate.
- Enter two different loan terms in years to compare.
- Click Calculate to compare monthly payments, total payments, and interest costs.
Example
For example, comparing a $25,000 loan at 6% interest over 5 years vs 7 years will show:
- Monthly payment for each loan term.
- Total interest paid for each option.
- Which term is more cost-efficient overall.
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