Advanced Finance
Loan Comparison Calculator
Compare up to three loans side-by-side on repayments, total interest, and total cost.
How this calculator 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.
Our pick
The Barefoot Investor (Classic Edition)
Understanding your numbers is step one. This is the book most Australians start with.
We independently recommend products. We may earn a commission at no extra cost to you.
If you're looking to go deeper on this, the Monthly Budget Planner & Expense Tracker ($10.99, 5★ from 4 reviews) is worth a look. Affiliate link
FAQ
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 — 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.
Related
Related calculators
Mortgage Repayment Calculator
Calculate your home loan repayments, total interest payable, and amortisation schedule.
Open calculatorRefinance Savings Calculator
Compare your current home loan to a new one and calculate monthly savings, break-even, and total savings.
Open calculatorOffset Account Savings Calculator
Calculate how much interest and time an offset account saves on your home loan.
Open calculatorHome Loan Affordability Calculator
Estimate the maximum property price and loan you can afford based on your income, expenses, and deposit.
Open calculatorLearn
Related articles & guides
HELP Debt Repayment Explained: How Student Loans Work in Australia
Australia's HELP scheme lets you study now and repay later — but the repayment system catches many graduates off guard. Here's exactly how your student loan gets repaid through your tax return.
Read moreThe Power of Compound Interest: Why Starting Early Changes Everything
Compound interest turns modest, regular savings into serious wealth — but only if you start early enough. Here's how it works, with real Australian numbers to make the case.
Read moreCredit Card Debt Payoff Strategies: The Fastest Ways to Get Debt-Free
Credit card interest rates in Australia average around 20% — one of the most expensive forms of debt you can carry. Here are the proven strategies to pay it off faster and save thousands in interest.
Read moreHow Much Can I Borrow? What Banks Actually Look At in 2026
The number your bank will lend you isn't just about your income. It's a formula built from income, debts, expenses, number of dependants, interest rate buffers, and the type of loan. Here's exactly how borrowing power is calculated — and how to improve yours.
Read more