This Loan Comparison Calculator computes an approximation of the size of your monthly loan payments for three loans at the same time. You can also use it to evaluate the total payments and total interest paid for different interest rates, loan terms and monthly payments.

This calculator presumes that the interest rate remains constant throughout the life of the loan. Many educational loan programs, counting the Stafford and PLUS loans, have variable interest rates. We put forward you to use the current maximum rates (8.25% for Stafford and 9% for PLUS) to get a ceiling on the interest payments. Also assumes that the loan will be repaid in equal monthly installments. The results will not be exact for some of the alternate repayment plans, such as graduated repayment and income contingent repayment.

There are so many variables in borrowing that comparing loans can be difficult. But Peach Home Loans' comparison calculator sorts out many of the financial issues. You can then compare apples with apples. Just insert the details of two different loan products into the respective columns and then put in the rest of the information requested like monthly fees, interest only options etc.

Include for each: . the loan amount (a); . loan period (b); . repayments (c);

Instructions: To calculate the payment amount and the total interest of any fixed term loan, simply fill in the 3 left-hand cells of the first row and then click on "compute." Use the other three rows to see what effects are produced by changing any one of the loan's original variables.