MCPCalc

Loan Comparison Calculator

Compare two loan options by payment, total interest, and total cost including fees.

Scratchpad (not saved)

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What This Calculator Does

Compare two loan options by payment, total interest, and total cost including fees.

It combines Loan Amount, Loan A APR, Loan A Term, Loan A Fees to estimate Total Cost Difference (A - B), Loan A Payment, Loan A Total Cost.

Formula & Method

Core equations: Monthly payment for each loan: M=P⋅r(1+r)n(1+r)n−1M = P \cdot \frac{r(1+r)^n}{(1+r)^n - 1} Total cost: C=M×n+FC = M \times n + F where FF is the origination fee. The calculator compares two loans side by side. Inputs are applied in base units, then derived metrics are computed from the same equations and rounded for display.

Notation used in the formulas: RR = Total Cost Difference (A - B); x1x_{1} = Loan Amount; x2x_{2} = Loan A APR; x3x_{3} = Loan A Term; x4x_{4} = Loan A Fees; x5x_{5} = Loan B APR; x6x_{6} = Loan B Term.

Method summary: inputs are normalized to consistent units, core equations are evaluated, then secondary values are derived and rounded for display.

Use this calculator for quick scenario analysis. Start with baseline values, change one driver at a time, and compare how sensitive the results are to each input shown above.

Reference Book

Mathematics of Investment and Credit

Samuel A. Broverman · ACTEX Learning

A widely used text for time-value-of-money, annuity, loan, amortization, and bond calculations.

View Book

Inputs Used

  • Loan Amount: Used directly in the calculation.
  • Loan A APR: Used directly in the calculation.
  • Loan A Term: Used directly in the calculation.
  • Loan A Fees: Used directly in the calculation.
  • Loan B APR: Used directly in the calculation.
  • Loan B Term: Used directly in the calculation.
  • Loan B Fees: Used directly in the calculation.

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