Easily compare two loan offers to find the cheapest option.
The difference between a few decimal points on interest or a few dollars in fees can quickly add up over the life of a loan. By starting with a comparison calculator, you can see which offer is more affordable — even if that means opting for a higher interest rate or more fees.
How to use this loan comparison calculator
You can still use this calculator without entering all the fields — sometimes it won’t be necessary. Otherwise, follow these steps:
- Next to Loan term, select the amount of time you have to pay back both loans or the amount of time left on your current loan term.
- Enter the amount you currently owe on a loan or would like to borrow for a new loan next to Loan amount.
- Next to Bank name, write your current lender’s name where it says My lender and a second lender’s name in the field that reads Other lender. Or enter the names of two lenders you’d like to compare.
- Skip Fixed rate if your rate hasn’t changed since you’ve taken out your loan or you’re applying for a new loan. Otherwise, write the interest rate you qualified for when you first took out your loan.
- Skip Fixed period if you skipped the previous step. Otherwise, enter the amount of time this rate applied to your loan.
- Next to Ongoing rate, enter your current interest rate on your loan or the rates you prequalified for with another lender.
- Write any one-time application or origination fees that you paid or will pay for your loan next to Upfront fees.
- Enter the total cost of all recurring fees either per month or per year next to Fees. Select Annually or Monthly depending on how often you’ll pay the fees.
- Enter the amount of any prepayment penalties next to Early repayment.
- Hit Calculate.
What do the calculator terms mean?
Use the definitions below to better understand the calculator and compare your personal loan options.
Should I refinance my personal loan for a new one?
Refinancing depends on your unique situation. Generally, you might be able to benefit from refinancing if your credit score has improved, you’ve recently closed other loans in your name or you have a higher salary than when you first took out your loan.
Refinancing might not be a good choice if your credit score has recently taken a hit, you’ve been late on loan repayments or you took a pay cut since you took out your loan. It might also be difficult to qualify for more competitive rates and terms if you’ve taken on more debt since borrowing.
How to refinance a personal loan
Can I take out two personal loans at once?
It’s possible to take out multiple loans at once, but it might not be a great idea. You might not be able to qualify for the most competitive rates if you’re currently paying off a personal loan, since that affects your debt-to-income ratio (DTI).
You also run the risk of overborrowing by going around a lender’s borrowing limits. This can make it difficult for you to afford your loan repayments and puts you more at risk for default.
The risks and benefits of taking out more than one loan at once
Bottom line
Torn between two loan offers? Thinking about refinancing? This loan comparison calculator can help you decide which is best. Check out our personal loans guide for a complete walkthrough on how to compare personal loans.
