Compare any two loans on the market for a direct cost comparison. Determine which is the cheapest in total fees and interest over the life of the loan.

Assumptions

Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly. In practice, interest compounding frequency may not be the same as repayment frequency.

It is assumed that a year consists 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.

No rounding is done throughout calculation whereas repayments are rounded to at least the nearer cent in practice.

This calculator does not take into account some loan features such as redraw facilities and offset accounts etc.