Borrowing, comparing and refinancing

Loan Comparison Calculator

Put two loans side by side, with their introductory rates and fees, and see which one costs less over the term.

Cost: Free
Your figures: Stay in your browser
Method: Set out below

Loan amount

Loan term

years

Loan 1

Ongoing rate

% p.a.

Upfront fees

Ongoing fee

$a month

Introductory term

years

0 if there is none.

Loan 2

Ongoing rate

% p.a.

Upfront fees

Ongoing fee

$a month

Introductory term

years

0 if there is none.

Introductory rate

% p.a.

Costs less over the term

Loan 1 by $7,634

$1,321,532 in repayments and fees over 30 years, against $1,329,165 for Loan 2.

First monthly repayment: $3,670.92; $3,440.69
Ongoing monthly repayment: $3,670.92; $3,697.59
Total interest: $721,532; $724,965
Total fees: $0; $4,200
Total cost: $1,321,532; $1,329,165
Comparison rate: 6.19%; 6.20%

Up to year 12, Loan 2 has cost less in interest and fees. If you expect to sell or refinance before then, it would be the cheaper loan.

Talk to a broker

Estimate only, based on the figures entered and the assumptions listed below. It is not a quote, an offer of credit or personal advice.

Total paid over the term

Repayments and fees paid by the end of each year, starting with any upfront fees. Both loans are repaid in full at the end of the term.

Loan 1
Loan 2

Show the figures as a table

Repayments and fees paid by the end of each year, Loan 1 and Loan 2
Point	Loan 1	Loan 2
Start	$0	$600
End of year 1	$44,051	$42,008
End of year 2	$88,102	$83,417
End of year 3	$132,153	$127,908
End of year 4	$176,204	$172,399
End of year 5	$220,255	$216,890
End of year 6	$264,306	$261,381
End of year 7	$308,357	$305,872
End of year 8	$352,408	$350,363
End of year 9	$396,460	$394,854
End of year 10	$440,511	$439,345
End of year 11	$484,562	$483,836
End of year 12	$528,613	$528,327
End of year 13	$572,664	$572,818
End of year 14	$616,715	$617,309
End of year 15	$660,766	$661,800
End of year 16	$704,817	$706,291
End of year 17	$748,868	$750,782
End of year 18	$792,919	$795,273
End of year 19	$836,970	$839,764
End of year 20	$881,021	$884,255
End of year 21	$925,072	$928,746
End of year 22	$969,123	$973,237
End of year 23	$1,013,174	$1,017,728
End of year 24	$1,057,225	$1,062,219
End of year 25	$1,101,276	$1,106,710
End of year 26	$1,145,327	$1,151,201
End of year 27	$1,189,379	$1,195,692
End of year 28	$1,233,430	$1,240,183
End of year 29	$1,277,481	$1,284,674
End of year 30	$1,321,532	$1,329,165

How this calculator works

The loan with the lowest rate is not always the cheapest. Fees and introductory periods change the total cost, and the gap only shows when both loans run to the end of the term.

Both loans use the same amount and term, so the difference you see comes from the rates and fees alone.

Assumptions

Repayments are monthly, principal and interest, and interest is charged monthly.
If a loan has an introductory rate, its repayment is recalculated at the ongoing rate when the introductory term ends.
Upfront fees are paid at settlement and ongoing fees monthly. Both count towards the total cost.
Rates do not change except where an introductory rate ends.

Want the number a lender would actually give you?

Send through your figures and we will run them against our panel of 45 lenders for a real answer.

Talk to a broker 0451 000 660

Mon - Fri 09:00 - 18:00 | Sat 09:00 - 13:00 | Sun - CLOSED