Loan Comparison Calculator

How to use this calculator

You can use this calculator to compare the ongoing cost of two mortgages, in particular the interest and fees. Simply enter in the loan amount, interest rate and ongoing fees of the two loans and then the calculator will compare the loans automatically.

If your loan has an introductory rate or fixed rate then you can add this in in the fixed rate section. If you do not have this feature with your mortgage then simply leave the fixed rate term as “0″ and the calculator will not take this into account.

Don’t just compare the rate!

Comparing the cost of two mortgages goes beyond comparing the interest rates and fees. You should also take into account:

  • Speed of approval: If you get the best interest rate however the lender doesn’t get the approval in time then you may miss out on the home of your dreams! The lender’s service levels are important for a purchase, however not so important if you are refinancing.
  • Lenders Mortgage Insurance: Did you know that lenders charge different mortgage insurance premiums? Use this mortgage insurance calculator to compare the LMI premium for different lenders.
  • Features: If you have an offset account, line of credit or other features, then this will reduce your interest expense. In some cases a loan with an offset account is cheaper even though it has a slightly higher interest rate.

If you need help choosing a home loan then please enquire online and one of our mortgage brokers will complete a loan comparison for you.

More loan calculators

You can view more handy calculators on our loan calculators page.

2 Responses leave one →
  1. March 4, 2015

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