About the Home Loan Comparison Calculator
Two loan offers with the same headline rate can end up costing very different amounts once fees and terms are factored in. This calculator lets you enter two loan options side by side — amount, rate, term and monthly fee — and shows the monthly repayment and total cost of each so you can see which is actually cheaper.
How it works
- For each loan, the monthly repayment is calculated using the standard amortisation formula from the loan amount, interest rate and term.
- Total cost is the monthly repayment plus any ongoing monthly fee, multiplied by the total number of months in the term.
- The calculator then shows the difference in total cost between the two options and highlights which one is cheaper overall.
Assumptions and behaviour
- Assumes a fixed rate for the full term of each loan and a standard principal-and-interest structure.
- Only an ongoing monthly fee is included — one-off establishment or discharge fees aren't factored in unless you adjust the figures manually.
- Both loans are compared over their own entered term; if the terms differ, the total cost comparison reflects that difference too.
Limitations
- Doesn't include upfront fees, discharge fees, offset account benefits, redraw features, or cashback offers that can materially change the true cost of a loan.
- Rate changes over time aren't modelled — this compares the loans as if their rates never change.
- This is general information only, not financial advice — always check the comparison rate and full terms with each lender.
Privacy
The calculation runs entirely in your browser. Nothing is uploaded or stored.
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