Loan comparison calculator: Choose the best loan for you
Updated on August 4, 2025
How to use this calculator
If you've gotten prequalified for a personal loan with several lenders but aren't sure which loan is best, this calculator can help you decide.
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Enter the details of your first loan offer
Input the loan amount, annual percentage rate (APR) and loan term of the first loan you'd like to compare. The loan amount is the amount of money you'll be requesting from the lender, typically ranging from $1,000 to $50,000. The repayment term refers to the number of years it will take to pay off your loan.
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Provide information about additional loan offers
Repeat the process for the other loan offers you've received, inputting information about each loan's APR, amount and term.
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Determine how you want to compare the loans
What is your financial goal for borrowing? Do you need a loan with the lowest monthly payment? Or is it more important to keep total interest costs to a minimum? The loan that's best for you depends on how you answer that question.
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Hit the “Calculate” button
While the calculator automatically updates with each new input or change, don't forget to click “Calculate” to ensure the most accurate results.
How to choose the right loan for you
Once you know how much you need to borrow, choosing the right loan comes down to understanding your APR, picking the best repayment term and factoring in loan fees.
What's a good personal loan rate?
Your credit score and credit history play a big role in the personal loan rate you receive. The best personal loan lenders offer rates between 6 and 36 percent, but your rate depends on your creditworthiness. Borrowers with excellent credit are more likely to receive a low rate, keeping their borrowing costs low, while bad credit personal loan rates are closer to the top end of that range.
The average personal loan rate in late July 2025 was 12.64 percent. A loan borrowed at the average rate may cost thousands of dollars less than a loan with a high rate. For example, let's say you needed to borrow a $10,000 loan and repay it over a term of three years. Consider the difference a low rate can make.
| Loan 1 | Loan 2 | |
|---|---|---|
| APR | 12.64% | 35.99% |
| Monthly payment | $335 | $458 |
| Total interest cost | $2,067 | $6,487 |
Which repayment term should I choose?
Generally, you should always choose the shortest repayment term you can afford to repay. While a long repayment term results in a lower monthly payment, it also means higher overall borrowing costs because interest is charged for a longer period.
Suppose you're still shopping for a $10,000 loan and you need to keep your monthly costs below $400. If you qualify for a 12 percent APR, here's a look at your monthly and overall costs by repayment term.
| Monthly payment | Total interest | |
|---|---|---|
| 2 years | $471 | $1,298 |
| 3 years | $332 | $1,957 |
| 5 years | $222 | $3,347 |
| 7 years | $177 | $4,828 |
Lenders also assign lower rates to shorter repayment terms, and often, a lender's lowest rate is reserved only for loans with a three-year repayment or shorter. So not only does interest have less time to accrue on a short term, but your rate may also be lower.
What about loan fees?
Some personal loan lenders charge origination fees, which cover the administrative costs of processing and managing your loan. An origination fee is typically a percentage of your loan amount and is removed from your loan funds before you receive them.
So, if you need to borrow a $20,000 personal loan and your lender charges a 10 percent origination fee, you'll only receive $18,000 of the loan funds. This may mean that you need to borrow a larger amount to cover the fee.
Next steps for personal loans
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A personal loan is a flexible funding option that provides fast access to cash, sometimes the same day you apply. However, it's important to understand the drawbacks too.
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Not sure which type of personal loan to choose? There are plenty to choose from and some you should avoid.
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You are here
Use this calculator to compare several loan options.
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Check out expert personal loan reviews to decide which lender is best for you. Each review includes information on loan amounts, term lengths and APRs, as well as a breakdown of the lender's pros and cons, customer service and qualification requirements.
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Ready to get a personal loan? Follow these steps to understand what to expect from the personal loan lenders you're likely to work with.