Loan Comparison Calculator Australia

Compare two standard loans by monthly repayment, total interest and total amount repaid.

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Side-by-side estimate

Loan A monthly / interest
$0.00 / $0.00
Loan B monthly / interest
$0.00 / $0.00
Lower total cost
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Fees and different loan features are not included.

What the comparison shows

The calculator uses the standard amortising loan formula for each option. It separates repayment size from total interest, because the lowest monthly payment is not always the cheapest loan overall.

How to use it

  1. Enter the common amount borrowed.
  2. Add the rate and term for Loan A.
  3. Add the rate and term for Loan B.
  4. Compare payments, interest and total cost.

Worked example

For $30,000, a five-year loan at 7.5% has a lower monthly payment than a four-year loan at 8.2%, but the longer term can produce more total interest. The result makes that trade-off visible.

Benefits

  • Compares rate and term together.
  • Shows why a lower payment can still cost more.
  • Supports quick what-if checks before requesting a quote.

Frequently asked questions

Should I always choose the lower interest rate?

Not automatically. Fees, term, flexibility and total repayments also matter.

Are comparison rates included?

No. Enter the rate you want to model, then separately compare lender fees and published comparison rates.

Can the loan terms differ?

Yes. Different terms help show the trade-off between repayment size and total interest.

Does this compare fixed and variable features?

No. It assumes each entered rate stays constant for the full term.

Conclusion

Use the estimate to shortlist options, then compare fees, features, repayment flexibility and the lender’s contract.