Loan Comparison Calculator
Using a loan comparison calculator can have several benefits:
Compare Different Loans: It allows you to compare loans across different interest rates, tenures, and even across different financial institutions1. This can help you make a decision that suits your needs, such as easy installments, lesser cash outflow in the form of interest, or extended installments1.
Understand Total Cost: The calculator can show you what interest you could pay over the life of different loans and what monthly repayments you could face at different interest rates2. This helps you understand the total cost of the loan.
Save Money: By comparing different loan options, you can potentially save a substantial amount. For example, for a $500,000 loan repaid monthly over 30 years, there would be a $106,931 difference between a loan with an interest rate of 4% p.a. and one at 5% p.a.2.
Consider Additional Features: Some calculators also allow you to consider additional features of loans that can save you money, such as offset accounts3.
Legal Requirement: By law, each lender is required to display the comparison rate of a home loan next to the advertised interest rate4. A loan’s comparison rate can help provide a better indication of the cost of a loan by taking both the interest rate and fees into account4.
Please note that the calculations do not take into account all fees and charges. The results provided by these calculators are an estimate only, and should not be relied upon for the purpose of making a decision in relation to a loan2. Interest rates and other costs can change over time, affecting the total cost of the loan2.
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