Loan Comparison Calculator

Compare 2 different loans side by side to see which home loan will work better for you.

An easy way to compare two loans

A home loan comparison calculator allows you to compare 2 different loans side by side to see which home loan will work better for you. This can be used when you are looking at buying a property or simply checking if it is beneficial for you to refinance your existing loan to another lender.

It is more comprehensive that your standard loan repayment calculator because it has the flexibility to calculate home loans that have introductory interest rates so you can see how much you end up paying in the long term.

The calculator will take the guesswork out of the equation allowing you to make a more informed financial decision.

FAQs about this Calculator

  • How to use the home loan comparison calculator?

    The loan comparison calculator is simple and user-friendly and just like any other calculators, you will need to have some information handy regarding the loans you wish to compare.

    Once you put this information into the loan comparison calculator the results will tell you which loan will save you more money and how much each loan will cost you in the long term.

    Here’s a breakdown of the information you will need to provide:

    • Loan amount
      The loan amount refers to the amount of money you have borrowed or the outstanding loan balance

    • Loan term
      This is referring to the amount of time you have to repay the loan with usual loan term ranging from 25 to 30 years

    • Upfront Fee
      Upfront fees are any fees that you have to pay when you apply for the loan which includes application fees or establishment fees

    • Ongoing fees
      Ongoing fees are fees that you will have to pay throughout the life of your loan. These can be annual fees, service fees (monthly), or account-keeping fees.

    • Introductory rate
      Introductory rate is special rates offered by lenders for a set period of time at the start of your loan. The introductory rate can either be fixed or variable. Upon the expiration of the introductory rate, it will revert to the lenders standard interest rate that is usually higher than the introductory interest rate

    • Introductory term
      This refers to how long you will be on introductory rate before it reverts to the lender’s normal interest rate

    • Ongoing Interest rate
      The interest rate which can be either fixed or variable is the interest rate at which you repay the loan after the introductory rate expires.

    In summary, whether you are looking at applying for a new home loan but stuck with deciding between a few different options or want to compare your existing your loan with other lenders,  you can use this quick and simple loan comparison calculator to help you work out which option will give you the best financial outcome.

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