First of all there are no parenthesis () around the parameter list. Second problem is that calculating the difference after the SELECT statement will not set column "Total" to that value. Try it in the likes of this:
ALTER PROC select_test
@Id bigint
AS
DECLARE @difference AS bigint, @totalLoan AS bigint, @totalBorrower AS bigint;
SET @totalLoan = (SELECT test6.summation FROM test6 WHERE Id = @Id AND Name='a');
SET @totalBorrower = (SELECT test6.summation FROM test6 WHERE Id = @Id AND Name='b');
SET @difference = @totalLoan - @totalBorrower;
SELECT @Id AS Id, @totalLoan AS TotalLoan, @totalBorrower AS TotalBorrower, @difference AS Total
Please tell me if that is what you wanted.
Cheers!