Loan Comparison Calculator
Compare up to three loans side-by-side on repayments, total interest, and total cost.
How It Works
Calculates monthly repayments for each loan using the standard amortisation formula, then adds annual fees to give total yearly costs. Compares total interest paid, total cost (principal + interest + fees), and monthly repayments side by side.
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Frequently Asked Questions
What is the comparison rate?
The comparison rate includes both the interest rate and most fees/charges, expressed as a single percentage. Australian lenders are required to display comparison rates based on a $150,000 loan over 25 years. It helps compare the true cost of loans.
Fixed or variable โ which is better?
Variable rates move with the market (currently higher but may drop). Fixed rates give certainty for 1-5 years but may have restrictions on extra repayments. Many borrowers split their loan (e.g., 50/50 fixed and variable).
Do loan fees matter much?
A $395/year annual fee on a $500,000 loan adds about 0.08% to your effective rate. On smaller loans, fees matter more. Always compare total cost (repayments + fees) over the loan life, not just the interest rate.
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