Loan Comparison Calculator
Overview
Compare multiple loan offers side-by-side including monthly payments, interest, and total cost
Key Facts
| Field | Value |
|---|---|
| Calculator ID | loan-comparison |
| Category | Finance |
| Vertical | Finance & Economics |
| App route | /verticals/finance/loan-comparison |
| API endpoint | /api/public/calculate?id=loan-comparison |
Inputs
| Input ID | Label | Type | Required | Default | Constraints |
|---|---|---|---|---|---|
loans | Loan Offers | array | Yes | [] | - |
How to Use
- Add Loan Offers — Enter details for 2-5 loan offers including lender name, amount, rate, term, and fees
- Review Comparison — See monthly payments, total interest, and total cost for each loan side-by-side
- Find Best Deal — Identify the loan with lowest total cost and see potential savings
Result Surfaces
| Output | Display Type | Format |
|---|---|---|
| Computed results | result-card | - |
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FAQ
What's more important: interest rate or fees?
Total cost matters most. A loan with 6% rate and $1,000 fees might beat 5.75% with $5,000 fees. Use APR (which includes fees) to compare apples-to-apples.
How do I negotiate a better loan rate?
Get 3-5 quotes, use them as leverage. Improve credit score before applying (each 20 points = ~0.25% lower rate). Larger down payments get better rates. Consider points buydowns if staying long-term.
Should I choose the lowest monthly payment?
Not always. Lowest payment often means longest term = most total interest. Choose based on: can you afford it monthly? What's the total cost? Will you stay long enough to recoup fees?
Evidence
src/lib/calculators/registry.ts(metadata)src/lib/calculators/page-registry.ts(page/HowTo metadata)src/lib/calculators/finance/loan-comparison.ts(calculator config)
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