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Loan comparison calculator

Calculate and compare payments and interest amounts for up to three loans

Do you own a house?
Credit score

Option 1

Option 2

Option 3

  • Loan Amount

  • Loan period in months

  • Interest Rate

Option 1

Drop
  • Loan Amount

    Please enter the loan amount

  • Loan period in months

  • Interest Rate

Option 2

Drop
  • Loan Amount

    Please enter the loan amount

  • Loan period in months

  • Interest Rate

Option 3

Drop
  • Loan Amount

    Please enter the loan amount

  • Loan period in months

  • Interest Rate

Option 1

Option 2

Option 3

Monthly payment

$122.333

$122.333

$122.333

Monthly payment


Loan Comparison

Do you know there are different kinds of loans available to finance your renovation
project? Compare and learn about them before you make the decision

Pro cons
Interest Rate

Adjustable – will
adjust periodically

Fixed–will not change

Fixed – will not change


Monthly Payments

Payment changes when interest
rates changeMonthly interest-only
payments during draw

Fixed for life of loan Full
principal and interest
payment monthly

Fixed for life of loan Full
principal and interest payment
monthly


Term (length
of loan)

Available terms between 10
years and 30 years

Available terms between
2 years and 7 years

Available terms between 10
years and 30 years


Min & Max
Loan Amount

$5,000 to $500,000

$2,500 to $100,000

$5,000 to $500,000


Borrower
Qualifications

Requires good credit, good
income and low debt-to-income
ratios

Requires excellent
credit,good income and
low debt-to-income
ratios

Requires good credit, good
income, and low debt-to-income
ratios


Closing Costs
and Fees

Lower cost and fees than
conventional and FHA
loans Depending on LTV, may only
require limited appraisal
May have balloon payments and
annual maintenance fees

No fees or very low fees
No appraisal needed May
have early termination
fee in first 12 months

Lower cost and fees than
conventional and FHA loans
Depending on LTV, may
only require limited appraisal
No prepayment fees or balloon
payments


Application,
Timeframe
and Availability

Limited application 30 days or less
Available through most banks
and credit unions

Short online application
3–5 days Limited
sources

Limited application 30
days or less Available
through most banks and credit unions




How do I compare loan options and choose the perfect loan?

All loans are different. Any one you choose will have an impact on your finances, so when it comes to comparing loans, it’s important for you to get a clear picture of all relevant costs.

For instance, the interest rate and annual percentage rate (APR) are important considerations when determining which is the best loan for you. Comparing them will help you decide exactly which loan would cost you more in the long run.

However, it’s tough to compare variable interest rate loans to fixed rate loans. In most cases, your choice will depend on whether you’re OK with interest volatility over the loan period, as well as the actual monthly payment.

Finding the best and cheapest loan can be a lot of work. You need to consider several factors, including loan terms, interest amounts and monthly payments.

It’s best to understand some basic terms and concepts before choosing the perfect loan for you.

  • Loan amount
  • This is the amount you receive from a lender, minus any origination fee. Keep in mind that borrowers with an excellent credit score usually secure a higher loan amount than a person with a not-so-perfect score.

  • Monthly payment
  • This is the amount you need to pay the lender each month. You need to evaluate exactly what you can afford. It’s a good idea to choose a loan with the lowest interest rate/APR and shortest loan term. Of course, you need to be able to afford the high monthly payment.

  • Loan period in years (aka loan term)
  • The loan period is the time (in years) between the first payment on your loan and its maturity. Selecting the shortest loan term available to you is a wise decision. Although it will increase your monthly payments, you’ll end up paying a lower amount of overall interest.

  • Payment frequency
  • That is the repayment schedule for your loan. Most loan firms offer you a choice between monthly, bi-monthly or bi-weekly loan payments

  • Interest rate/Annual Percentage Rate (APR)
  • This is the annual interest rate levied on the borrowers and paid to the investors. APR is the percentage representing the actual annual cost of the funds over the duration of a loan. It’s the income earned from an investment. Comparing the interest rates and APRs will help you determine the best loan for your requirements.

  • Total interest amount
  • This is the total amount you will pay on interest alone. It’s an additional amount that’s to be paid on top of the sum of money borrowed.



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