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About this tool
Monthly payment, total interest and total cost of a loan.
The Loan Comparison Tool turns a loan amount, an annual interest rate and a term in years into the level monthly payment, the total interest paid and the total amount payable, using the standard amortising EMI formula EMI = P x r x (1+r)^n / ((1+r)^n - 1), where r is the annual rate divided by 100 and by 12 and n is the term in months. Change one input and every figure updates, so you can put two quotes side by side and see which one actually costs less over its life. It is aimed at anyone weighing a mortgage, car loan or personal loan offer before signing.
Open Loan Comparison Tool on AltFTool — it loads instantly in your browser.
Enter the loan amount you wish to borrow into the Loan Comparison Tool to begin calculating your loan costs
Input the interest rate as a percentage per year to see how it affects your monthly payments and total interest paid
Specify the loan term in years to determine the total cost of the loan and plan your financial obligations accordingly
Every calculation returns total interest and total payable alongside the monthly figure, which is where long-term offers really differ.
At 0% interest it falls back to principal divided by months instead of dividing by zero, so interest-free promotional offers still compute.
It applies the standard amortising annuity formula on a monthly compounding basis, so the payment lines up with a bank's own EMI schedule.
It uses the standard amortising loan payment formula: EMI = P x r x (1+r)^n / ((1+r)^n - 1). P is the loan amount, r is the annual interest rate divided by 12 and by 100, and n is the number of monthly payments (years x 12). When the rate is 0%, the payment is simply P divided by n.
About 172,143 in interest, on a monthly payment of roughly 1,550.60 and a total payable of about 372,143. That means the interest alone comes to roughly 86% of the amount borrowed, which is why the term matters as much as the rate.
No. A longer term lowers the monthly payment but usually raises the total interest, because interest accrues on the outstanding balance for more months. Compare the total payable figure, not just the monthly figure, when the terms differ.
The principal-and-interest portion should match closely, but lenders add processing fees, insurance, taxes or escrow that this calculation does not include, and some quote an APR that already bundles fees. Treat the result as an informational estimate and check the lender's official amortisation schedule before committing.
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