Loan Comparison Calculator
Compare two loans side-by-side and find out which one truly costs less over the life of the loan — including fees.
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Compare My Bank OptionsCalculator Disclaimer
The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. This comparison does not account for offset accounts, redraw facilities, or rate changes beyond the stated intro/ongoing structure. It is advised that you consult your financial adviser before taking out a loan.
All applications are subject to each lender's credit assessment criteria. Terms and conditions, fees and charges apply. Interest rates are subject to change. Credoleap Finance Pty Ltd (ABN: 26 697 965 683) is a Credit Representative (Credit Representative Number: 573512) of Australian Finance Group Ltd (Australian Credit Licence Number: 389087).
Loan Comparison FAQs
What is the difference between a comparison rate and an interest rate?
The interest rate is the base rate charged on your loan balance. The comparison rate is a standardised figure that includes the interest rate plus most fees and charges, expressed as a single percentage. It gives you a more accurate picture of the true cost of a loan. Our calculator lets you enter fees separately so you can see their full impact on total cost.
Does a lower rate always mean a cheaper loan?
No — and this calculator is designed to prove exactly that. A loan with a lower interest rate but higher upfront and ongoing fees can cost more than one with a slightly higher rate and no fees. Always compare total cost over the full loan term, not just the headline rate.
How do upfront and ongoing fees affect total cost?
Upfront fees (such as application or settlement fees) are a one-off cost at the start of the loan. Ongoing or annual fees are charged every year for the life of the loan — so a seemingly small $400/year fee adds $12,000 to the cost of a 30-year loan. Our calculator adds both to the total cost so you can compare apples with apples.
Should I compare loans on repayment or total cost?
Repayment amount tells you what you'll pay each period — useful for budgeting. Total cost (interest + principal + fees) tells you what a loan actually costs you over its life — useful for comparing value. The cheapest monthly repayment is not always the cheapest loan. A broker can help you balance cash flow needs with total cost optimisation.
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