Loan Comparison Calculator

Compare two Australian home loans side-by-side. See which loan saves more on monthly repayments, total interest, and upfront fees.

How to use this calculator

Enter the loan amount, interest rate, term, and any upfront fees for each scenario. The calculator shows monthly repayments, total interest, and modelled cost (total repaid plus the upfront fees you enter) for both, then highlights the lower modelled cost. Ongoing package/account fees, offset benefits, future rate changes and switching costs are excluded unless explicitly entered.

How it's calculated

Each scenario runs through the standard monthly amortisation formula. Modelled cost equals total repaid plus upfront fees. The winner is the scenario with the lower modelled cost over the loan term.

Compare offers in Excel

Keep up to four offers, recurring fees and five-year balances in the Mortgage Comparison Spreadsheet. The lowest entered model cost is not a product recommendation.

How do I compare two home loans?

Compare interest rate, fees and total cost over the loan term — not just the headline rate. Use the same loan amount and term for both scenarios; the saving depends on the starting rates and fees.

How to compare two Australian home loans

  1. Enter loan A details

    Add the loan amount, interest rate, term and any upfront fees.

  2. Enter loan B details

    Add the same details for the second scenario you're comparing.

  3. Review repayments

    See monthly repayments and total interest for both loans.

  4. Pick the winner

    Compare 'true cost' (total repaid plus fees) to find the cheaper loan.

Frequently asked questions

What should I compare when choosing a home loan?

Compare the interest rate, comparison rate (which includes fees), loan term, repayment flexibility, offset account availability, and any ongoing fees. A loan with a lower rate but high fees can cost more than a slightly higher rate with no fees.

What is a comparison rate?

A comparison rate combines the interest rate and certain fees using stated assumptions. Check the advertised loan amount, term and included costs: the result may differ for your loan. Use the same amount and term to compare loans.

Data sources

RBA Cash Rate — Reserve Bank of Australia — 30 Sep 2026 (checked 14 Oct 2026)

ASIC MoneySmart — Mortgage Calculator Methodology — 2026

ASIC Moneysmart — compare fees and Key Facts Sheets — reviewed 16 Oct 2026

General information and estimates, not personal financial advice. Check assumptions and official sources before making decisions.