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Loan Comparison Calculator
Two loans side by side — EMI, total interest and total cost for each.
Cheaper loan
How it works
EMI = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), r = monthly rate, n = months Total payment = EMI × n, total interest = total payment − principal Calculated separately for each loan, then compared.
Worked example: ₹5,00,000 at 9% for 10 years gives an EMI of ₹6,334 and a total of ₹7,60,055. The same loan at 8% gives ₹6,066 a month and ₹7,27,966 in total — Loan B is cheaper by ₹32,089. This is an estimate, not financial advice.
Frequently asked questions
Should I only compare the EMI?
No. A lower EMI over a longer tenure can cost more in total. Compare total payment first, then check whether the monthly EMI fits your budget.
What about fees and charges?
Processing fees, insurance and prepayment charges sit outside this calculation. A loan that looks cheaper here can still cost more once fees are added — ask for the full charge list.
Does a lower rate always win?
Not if the tenures differ. A lower rate over a much longer tenure can still produce more total interest. That is exactly why the calculator shows totals, not just rates.
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