Loan Comparison Calculator
Enter the details of two loans — rate, fees and term — to compare monthly repayments and total cost side by side. See which loan is cheaper over the full term. This is an estimate only and does not constitute credit advice or an offer of credit.
Is that number right for your situation?
A calculator applies one formula. Lenders apply their own, and they disagree with each other. Send us what you worked out and we will tell you how it looks against real lender policy.
- More than 60 lenders compared
- No fee to you
- A real answer, not a sales call
How this is calculated
The calculator computes the monthly repayment for each loan using the standard amortisation formula at the rate and term you enter. It then multiplies the monthly repayment by the total number of months in the term and adds the total annual fees (annual fee x years) and application fee to arrive at the total cost of each loan over the full term.
The difference is the total cost of Loan A minus Loan B. A positive figure means Loan B is cheaper; negative means Loan A is cheaper. The "cheaper loan" label shows which one wins based on total cost.
This approach is similar to how a comparison rate works — it bundles fees into the cost so you can compare loans with different fee structures on a like-for-like basis. However, a true comparison rate also includes some fees this calculator doesn't model (like valuation and settlement fees), and it's expressed as a percentage rather than a dollar figure.
What this doesn't account for
- Rate changes. If either loan is variable, the rate will move. This calculator holds both rates constant for the full term, which won't reflect reality for variable loans.
- LMI differences. If the two loans have different LMI premiums (because of different LVRs or lender-insurer arrangements), that cost isn't included. LMI can add thousands and tip the comparison.
- Features. One loan might include an offset account, free redraw, or flexible repayments that save you money in practice. The other might not. The cheapest loan on paper isn't always the best value in use.
- Discharge and break fees. If you refinance or pay off the loan early, discharge fees (and break costs on fixed loans) apply. These aren't modelled.
- Comparison rate. The legally required comparison rate includes more fees than this calculator. When we send you loan options, every rate comes with its comparison rate alongside it — that's the figure to use for true like-for-like comparison.
Common questions
A comparison rate is a single percentage figure that combines the interest rate with most fees (application, monthly, annual, valuation, settlement) into one number, calculated on a $150,000 loan over 25 years. It's legally required to be shown alongside any advertised rate so you can compare loans on a like-for-like basis. This calculator does something similar but in dollar terms and for your actual loan amount.
Not always. A loan with a slightly lower rate but high fees can cost more than a loan with a slightly higher rate and no fees — especially over a long term. Features matter too: an offset account can save more than a 0.1% rate difference. The total cost over the term is a better guide than the headline rate, and the comparison rate is better still.
Different lenders offer different rates based on their cost of funds, their target market, and their risk appetite. Two lenders might offer the same loan amount to the same borrower at rates 0.3% apart. That's the value of comparing a panel of 60+ lenders — the spread between the cheapest and most expensive can be significant.
This calculator compares two at a time. When we do a full assessment, we compare loans from 60+ lenders and narrow it down to the best 2–3 options for your situation — each with its comparison rate, fees and features laid out side by side. That's the real value of a broker: we do the comparison across the whole panel, not just two loans.
Want us to compare 60+ lenders for you?
We'll find the best loan for your situation and show you the comparison rate for each — free, no obligation.