Calculatorism

Loan Comparison Calculator

Compare up to three loans side by side on monthly payment, total interest and total repayment to pick the cheapest plan.

Input Data

Amount1
HK$
Rate1
%
Term1
yr
Fee1
HK$
Amount2
HK$
Rate2
%
Term2
yr
Fee2
HK$
Amount3
HK$
Rate3
%
Term3
yr
Fee3
HK$

Results

Monthly instalment of plan 1.
HK$461.45
Total repayment of plan 1.
HK$11,174.8
Total interest of plan 1.
HK$1,074.8
Monthly instalment of plan 2.
HK$470.73
Total repayment of plan 2.
HK$11,497.52
Total interest of plan 2.
HK$1,297.52
Monthly instalment of plan 3.
HK$0
Total repayment of plan 3.
HK$500
Total interest of plan 3.
HK$0

At a glance:The Loan Comparison Calculator compares several loan plans together, factoring in the loan amount, term and prepaid fees to reveal the true total cost rather than the headline rate. Each loan is computed on an equal-instalment (annuity) basis: monthly payment by the standard annuity formula, total interest = monthly payment × periods − principal, total repayment = monthly payment × periods + prepaid fee. The most accurate single metric is the Annual Percentage Rate (APR), which includes both interest and fees; this tool estimates total repayment on a standard amortising basis and does not fold fees into APR — actual APR and terms follow the lender.

Formula

Monthly rate r = annual rate% ÷ 100 ÷ 12; periods n = years × 12.

Monthly payment = principal × r × (1+r)^n ÷ ((1+r)^n − 1).

Total repayment = monthly payment × n + prepaid fee.

Total interest = monthly payment × n − principal.

$$\\text{Monthly payment}_i = P_i \\times \\dfrac{r_i(1+r_i)^{n_i}}{(1+r_i)^{n_i}-1}$$
$$\\text{Total interest}_i = \\text{Monthly payment}_i \\times n_i - P_i$$
$$\_i = \\text{Monthly payment}_i \\times n_i + \_i$$

How to Use

  1. Enter the amount, annual rate, term and prepaid fee for each plan (up to 3).
  2. The monthly payment, total repayment and total interest of each plan show side by side.
  3. Compare total cost and pick the cheapest; also check the APR with the lender.

FAQ

What should I compare most when choosing a loan?

The truest measure of cost is the Annual Percentage Rate (APR), which folds interest and fees together. In day-to-day comparison, start with the total repayment (including fees) and also check whether the monthly payment is affordable.

Is the lowest interest rate always the best deal?

Not necessarily. A longer term or higher prepaid fees can push up the total cost. Compare on the total repayment including fees rather than the rate alone.

Why do fees matter so much in loan comparison?

Prepaid fees (handling, arrangement) are added to the total repayment even though they don't change the monthly instalment. A plan with a slightly lower rate but much higher fees can end up more expensive overall than a higher-rate plan.

Should I prefer a longer or shorter term?

A longer term lowers the monthly payment but raises total interest; a shorter term costs less interest but needs a higher monthly budget. Pick based on your cash-flow comfort and how much interest you are willing to pay.

Does this calculator show APR?

No. This tool estimates the total repayment and total interest on a standard amortising basis and does not convert fees into an APR. Always ask the lender for the actual APR and read the contract terms.

Related Tools

References

Content review: Calculatorism Finance Team. Results are for reference only; please refer to the relevant authorities for the official figures.

Found a problem with the results?

If this calculator's result is wrong, or you have any question about the calculation logic, please let us know. You are viewing:Loan Comparison Calculator（/finance/loan-comparison）。