The loan comparison calculator compares two loan offers for the same loan amount and the same term by monthly payment, total interest, user-entered extra costs and estimated total cost. This calculator is provided by Hesapstan to help users compare loan offers in Turkey more clearly.
What does this loan comparison calculator compare?
This calculator compares two loan offers using the same loan amount and the same repayment term. For each offer, the user enters the monthly interest rate and any known extra costs; the calculator then shows the monthly payment, total installment payment, total interest, entered extra costs and estimated total cost.
- It calculates the monthly payment for each offer.
- It shows total installment payment and total interest for each offer.
- It adds user-entered extra costs to the estimated total cost.
- It calculates monthly payment difference and total cost difference.
- It identifies the lower estimated cost based only on the entered values.
The result is an estimate based on the values entered by the user. The bank's offer form, repayment schedule and contract remain the practical reference for real loan terms.
How should two loan offers be compared fairly?
Two loan offers should be compared using the same loan amount and the same term. If the amount or term differs, the monthly payment and total cost difference may reflect different repayment structures rather than the actual advantage of one offer.
The calculator therefore uses one shared loan amount and one shared term for both offers. The user enters each offer's monthly interest rate and known extra costs separately, so the comparison focuses on rate and cost differences.
If one bank offers 12 months and another offers 24 months, ask for comparable offers with the same term before making a direct cost comparison.
Should the interest rate be monthly or annual?
The interest rate entered in this calculator should be the monthly interest rate. Entering an annual rate into a monthly rate field will produce a seriously misleading result.
Check whether the bank offer shows a monthly rate, annual rate or annual cost rate. Do not copy an annual figure directly into the monthly interest field.
In Turkey, consumer loan screens often show a monthly interest rate, while bank documents may also show an annual cost rate. These are related but different figures.
Is the loan with the lower interest rate always cheaper?
A loan with the lower interest rate is not always cheaper. File fees, insurance, allocation fees, valuation costs, mortgage or pledge expenses and other charges can change the total cost.
For that reason, the calculator provides an extra cost field for each offer. If the user enters known costs from the bank offer, the comparison is based on estimated total cost rather than interest rate alone.
The extra cost field is not an automatic bank-fee estimate. It improves the comparison only when the user enters costs that are actually known from the offer.
What can be entered as extra costs?
Extra costs should include only costs that are known from the bank offer or repayment documents. The calculator does not invent or estimate bank charges automatically.
- Loan allocation or file fees
- Life insurance or other insurance costs
- Valuation, mortgage or pledge-related costs in home loans
- Additional costs required by the bank in auto loans
- Other fees clearly shown in the offer
If insurance or fees are added later by the bank but not entered in this calculator, the estimated comparison may understate the real cost.
Monthly payment difference or total cost difference?
Monthly payment difference shows the impact on monthly cash flow, while total cost difference shows the estimated total burden over the full loan term. Both should be considered before choosing a loan offer.
A small monthly difference can still produce a meaningful total difference over time. Conversely, a low monthly payment may be less important if the total cost is higher because of fees or a longer repayment structure.
Why does annual cost rate matter in loan comparison?
Annual cost rate is important because it attempts to express loan cost as a yearly cost measure. This calculator does not calculate an official annual cost rate; it provides only an estimated comparison from monthly rates and user-entered extra costs.
Official or bank-calculated annual cost may include allocation fees, insurance, payment dates, valuation costs and other items. If annual cost rate is shown in a bank offer, it should be reviewed together with the repayment schedule.
The lower estimated cost shown here is based only on values entered by the user. It does not replace official annual cost rate or the bank contract.
Can personal, home and auto loans be compared the same way?
Personal, home and auto loans can use the same basic payment mathematics, but their fees, insurance, collateral and regulatory context can differ. Extra costs should therefore be entered carefully depending on the loan type.
- Personal loans may involve insurance or allocation fees.
- Auto loans may involve vehicle value, down payment, insurance and bank-specific conditions.
- Home loans may involve valuation, mortgage, DASK, insurance and title-related processes.
- Credit-card installment or card debt is not the same product as a bank loan.
Loan comparison example
Suppose two banks offer 100,000 TL for 12 months. Offer 1 has a monthly rate of 3%, while Offer 2 has a monthly rate of 3.5%. If there are no extra costs, Offer 1 will usually have the lower payment and total cost.
But if Offer 1 includes 10,000 TL in insurance or other costs, Offer 2 may become cheaper in estimated total cost even with a higher rate. This is why comparison should look beyond interest rate alone.
When is this calculator useful?
This calculator is useful when you have two manual loan offers for the same amount and term and want to compare their estimated cost. It is especially helpful when one offer has a lower rate but another has lower additional costs.
- Comparing two personal loan offers
- Comparing two auto loan offers with the same amount and term
- Reviewing visible costs in home loan offers
- Comparing insured and uninsured offers using values provided by the bank
- Seeing monthly payment difference and total estimated cost difference together
What are the limits of this calculator?
This calculation is an estimate and does not replace the bank's official offer form, repayment schedule or contract. It compares only the values entered by the user.
- It does not fetch live bank interest rates.
- It does not calculate official annual cost rate.
- It does not automatically estimate insurance, bank fees or other charges.
- It does not automatically calculate BSMV, KKDF or loan-type-specific taxes.
- It does not assess credit approval, credit score or income eligibility.
- It does not calculate early repayment, refinancing or restructuring scenarios.
Before choosing a loan, review the bank's repayment schedule, insurance conditions, fee items and contract terms.
What should you calculate after comparing offers?
Loan comparison helps you see the difference between two offers. After identifying a more attractive offer, you may still need to review the detailed repayment plan, the relevant loan type and any early repayment scenario separately.
For example, if one offer appears cheaper, check its detailed payment schedule. If you may repay early, evaluate early repayment separately instead of relying only on the initial comparison.
Frequently Asked Questions
How do I compare two loan offers?
Compare them using the same loan amount and same term, then review monthly payment, total installment payment, entered extra costs and estimated total cost.
Is the loan with the lower interest rate always better?
No. A lower rate may still produce a higher total cost if the offer includes higher insurance, file fees or other charges.
What should I enter as extra costs?
Enter known costs shown in the bank offer, such as file fee, allocation fee, insurance, valuation, mortgage or similar expenses. Do not invent unknown costs.
Does this calculator calculate official annual cost rate?
No. It does not calculate official annual cost rate. It only compares offers using the monthly rates and extra costs entered by the user.
Why can the bank result be different?
The bank may include insurance, allocation fees, payment dates, customer profile, product conditions and contract terms that are not fully captured here.