Loan Comparison Calculator

How to use Loan Comparison Calculator

1. Name each loan so the table is easy to read.
2. Enter amount, rate, tenure in years and processing fee for each lender.
3. Tick the box to add a third loan if you have one.
4. Check the highlighted lowest cost and the difference for the others.

Why compare on total cost

Offers differ in three levers: rate, tenure and fees. A lender with the lowest rate may charge a bigger fee, and a lender with a longer tenure shows a smaller EMI that looks affordable but costs more overall. Looking at only one number can mislead. This tool computes each loan's EMI with the standard formula, multiplies it by the number of months to get total repayment, subtracts principal to get interest, and adds the processing fee for the total cost.

Total cost = principal + total interest + fee. The difference column subtracts the lowest total from each loan's total.

A verified worked example

Compare two loans of 20,00,000 over 20 years. Loan A has an example rate of 8.5% and a 0.5% fee: EMI 17,356.46, interest 21,65,551.52, fee 10,000, total cost 41,75,551.52. Loan B has 8.2% and a 1.5% fee: EMI 16,978.60, interest 20,74,863.56, fee 30,000, total cost 41,04,863.56.

Loan B costs 70,687.96 less over the full term even with the higher fee, because the 0.3 percentage-point lower rate dominates over 20 years. Had you planned to repay within a few years, the extra 20,000 of fee could outweigh the rate benefit, so consider your own horizon.

• Compare like for like: same amount and similar tenure when possible.
• Check for hidden costs such as insurance, legal charges and foreclosure fees.
• Use the name boxes to label offers by lender, so you can screenshot the table and share it with family before deciding.
• Floating-rate loans can change; fixed comparisons assume today's rate holds.
• Rerun the comparison after a lender negotiates; asking for a lower fee or rate is common and can change the winner.
• Look at the EMI row as well: the cheapest loan overall may still have an EMI that strains your monthly budget.

Limits and privacy

Rate changes, part-prepayments and fees other than the processing percentage are not modelled. Estimates only, not financial advice. Example values in the fields are not current market rates; always use the figures in your lender's sanction letter.

All calculations are performed in your browser.

Why use this loan comparison calculator tool

• Up to three loans. Compare offers across lenders, rates, tenures and fees together.
• Fee-inclusive totals. Total cost covers principal, interest and processing fee.
• Difference highlighted. The cheapest offer is marked and the others show how much more they cost.
• Format your way. Indian or international grouping and any currency symbol.

Frequently asked questions

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