Loan Comparison Calculator
Compare two loans side by side — monthly repayments, total interest, and true cost including fees.
Establishment fee, application fee, etc.
How to Use
1. Enter the loan amount (same for both, or adjust per loan) 2. Enter each loan's interest rate and term 3. Add any upfront fees — these matter more than people realise on short loansTip: A lower rate with higher fees isn't always cheaper. A longer term lowers repayments but dramatically increases total interest paid.
Formula
Monthly Payment = P × r(1+r)ⁿ / ((1+r)ⁿ−1) | Total Cost = Monthly × Months + FeesFrequently Asked Questions
Should I choose the lower rate or lower repayments?
Look at the total cost (interest + fees), not just the rate or repayment. A loan with a slightly higher rate but shorter term often costs less overall.
What fees should I watch for?
Establishment fees, monthly account-keeping fees, early repayment penalties, and broker fees. On a small loan, a $500 setup fee can add more cost than a 1% rate difference.
Is a longer loan term better?
Longer terms mean lower monthly payments but significantly more total interest. A $25,000 loan at 7% over 7 years costs ~$6,700 in interest; the same loan over 3 years costs ~$2,800.
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