Interest Rate Comparison Loan Calculator
|How much money can a lower interest rate save you on your next loan? Use our interest rate comparison loan calculator to find out for yourself.|
|Length of loan (in years):|
|Interest Rate:||% per year|
|Compare to this interest rate:||% per year|
Example: In the form above there is some example information already
entered. Lets say, for this example, I'm wanting to borrow $10,000 to buy a used car. The dealership tells me they
have a financial institution which is willing to loan me that amount of money with a 7.5% interest rate. I've checked at my
bank and they are willing give me the same loan, but with a 6.25% interest rate.
Ok, now I want to know how much in total interest I can save by getting the loan from my bank versus the bank the dealership works with. That is where this calculator comes in.
Simply fill in the fields above with your desired numbers, and click the "Calculate" button for your results.
This calculator can be used for personal loans, auto loans, mortgages, credit cards, and any other type of credit line or loan with a fixed interest rate and a set repayment period.