Interferometry with quantum light is known to provide enhanced precision for estimating a single phase. However, depending on the parameters involved, the quantum limit for the simultaneous estimation of multiple parameters may not attainable, leading to trade-offs in the attainable precisions. Here we study the simultaneous estimation of two parameters related to optical interferometry: phase and loss, using a fixed number of photons. We derive a trade-off in the estimation of these two parameters which shows that, in contrast to single-parameter estimation, it is impossible to design a strategy saturating the quantum Cramer-Rao bound for loss and phase estimation in a single setup simultaneously. We design optimal quantum states with a fixed number of photons achieving the best possible simultaneous precisions. Our results reveal general features about concurrently estimating Hamiltonian and dissipative parameters, and has implications for sophisticated sensing scenarios such as quantum imaging.