More than payment shopping
Compare the cost curve, not just the advertised rate
A lower rate can require more points or lender charges. A shorter term can dramatically reduce interest but require a much larger payment. The right choice therefore depends partly on how long you expect to keep the loan.
This calculator measures each option at a common holding period and also scans month-by-month for pairwise break-even points.
Why principal is separated from cost
When two loans start with the same principal, principal repayment is not itself interest expense. It reduces the debt you still owe. That is why the calculator reports both borrowing cost and remaining balance rather than hiding everything inside total cash paid.
Need full schedules for the options?
Amortization Pro can generate and print complete amortization schedules for each scenario so you can inspect every payment.