Comparing loans can be time-consuming and confusing, especially when you need to decide which loan suits your budget and lifestyle.
Our easy-to-use Loan Comparison Calculator is designed to help you compare the difference in fees and costs between loans, allowing you to ultimately discover the right loan for your needs. This calculator is the perfect companion to our online home loan comparison service, where you can choose from a range of quotes in just seconds, and compare them with our calculator.
Benefits of using a Loan Comparison Calculator
Our Loan Comparison Calculator makes comparing loans simple.
When inputting the relevant amounts and information into the calculator’s fields, you’ll be shown how much each loan will cost over its term, as well as which loan could help you save money. This process can help you choose a better loan, or help you decide if you should refinance your existing loan.
If you’re looking for any type of loan, it’s easy to compare because you can use this Calculator as a:
- home loan comparison calculator
- personal loan comparison calculator
- car loan comparison calculator.
Using our Loan Comparison Calculator
We’ve made it even easier to use our Loan Comparison Calculator by providing a detailed breakdown of the information you’ll need to input into the calculator. The examples below are geared more towards using our calculator for home loans:
- Common loan details: Enter the loan details into “Loan Amount” (i.e. the principal amount of your loan) and the “Loan Term” (i.e. the length of your loan).
- Enter loan details: Enter the appropriate details for both loans you’re comparing under “Enter Loan 1 Details” and “Enter Loan 2 Details”. These details include:
- Upfront fees: These include any fees you are required to pay when you first open your loan, like establishment and application fees.
- Ongoing monthly fees: These can differ between lenders, but typically include annual, service, or account-keeping fees. You are required to pay these over the life of your loan.
- Intro rate: From the start of your loan, your lender may offer you an introductory interest rate for a certain period of time. This can also be referred to as a “honeymoon offer”. By using our calculator as a home loan comparison rate calculator, you’ll be able to easily see which rates will impact your savings over the life of your loan.
- Intro term: Introductory term refers to the length of time your introductory rate applies.
- Ongoing rate: These are the interest rates that you and your lender agree upon that will begin once your introductory rate ceases.
Under “View Your Results” along the bottom of the calculator, you’ll see that the first result points out which home loan could save you more money. Further along, you can compare the difference in figures between the two loans under the headings “Loan 1” and “Loan 2”. These headings include:
- Initial per month: These figures reveal the initial monthly costs respective to each loan. Initial costs include upfront fees, as well as the intro rate. This initial period will end when the intro term is completed. You may notice that the loan that saves you money may initially cost more.
- Ongoing per month: The ongoing per month results take into consideration the ongoing interest rate for the rest of your term.
- Total payments: These figures reveal the total amount you will be required to pay for your loan.
- Loan balance chart: This chart easily illustrates the amount of money saved on interest over the life of the loan by choosing the better deal.
We’ve implemented some helpful buttons to make your loan comparison experience even easier.
- The reset button is a handy feature that quickly clears data from all fields when you’re ready to compare more loans.
- The print button allows you to print the comparison results for reference. It also allows you to quickly save your comparisons. Simply click “Print”, and then change the printer destination to a “Save as PDF” under Local Destinations.
- The assumptions button brings up a menu with further information on how figures are calculated.
Finding the right loan or refinancing to a better deal can be tricky, especially when it comes to finding the one most suited to your needs and budget. That’s why we’re proud of our online mortgage loan comparison calculator.
Instead of visiting multiple websites to find value in your loan, you’re able to find a great deal in just a few minutes by comparing a range of quotes in the one place. Simply compare home loans today to get started.
To find out further information about home loans, click through our handy First Home Buyer information guide.
You can also take advantage of our other calculators to assist you with your loan and managing your finances: