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Loan offer comparison
Compare fixed-rate offers side by side. A smaller monthly payment can come with a larger total cost.
EXAMPLE ESTIMATE
Your estimate
Enter your values and select Calculate.
Estimates use your assumptions. Calculations use unrounded values; displayed figures are rounded.
HOW IT WORKS
A useful estimate starts with clear inputs.
- Step 1
Enter the amount you would borrow under either offer.
- Step 2
Enter each fixed annual rate, term and fee paid upfront.
- Step 3
Compare monthly payments and total cash paid, including the fees. Download the comparison.
A longer term can lower the monthly payment while increasing the total interest. Compare both rows before judging an offer.
Calculation assumptions and limits
Both offers borrow the same principal. Interest is calculated monthly at nominal annual rate ÷ 12, with fixed end-of-month payments. Fees are paid upfront, not added to the loan. Taxes, insurance, optional products, rate changes and early-repayment penalties are excluded. This is a cost comparison, not an APR calculation or lender recommendation.
Can I use this with my local currency?
Yes. All inputs in one calculation must use the same currency. The currency selector changes number formatting and labels; it does not look up exchange rates or convert your amounts. Local loan rules and products may calculate costs differently.
Are my numbers saved?
No. Your inputs and results stay in this page’s memory. Reloading or leaving clears them. Download the CSV or print the result if you want a copy.
Learn more: CFPB: understanding loan payments. WORDMIO calculates locally using the assumptions above.
Compare the cost of two loan offers
Enter the same borrowing amount with each offer's annual rate, term and upfront fees. Compare the estimated monthly payment alongside total interest and the overall repayment cost.
A lower payment can reflect a longer term rather than a cheaper loan. Check both the monthly commitment and total cost, then review the actual lender terms.
Free to use. No sign-up required.
How to use this tool
- Enter the same borrowed amount for both offers.
- Set each offer’s rate, term and upfront fee.
- Compare total cash paid alongside the monthly payment and term.
A practical example
For a 12,000 loan at 0% over 12 months, each payment is 1,000. An upfront fee of 200 makes total cash paid 12,200; a fee of 500 makes it 12,500.
Before you finish
A lower monthly payment can come from a longer term and need not mean a lower total cost. Fees here are paid upfront, not added to the loan.
Frequently asked questions
Can I compare loans with different terms?
Yes. Each offer can have its own term and fixed annual rate. The borrowing amount is the same for both offers.
How are fees handled?
Entered fees are treated as upfront costs rather than added to the borrowed principal. Financed fees or other lender charges can produce different results.
Does this calculate a regulated APR?
No. It compares the entered rates and fees using the displayed monthly model. It does not calculate a jurisdiction-specific APR or assess eligibility for a loan.