How do I compare home loans that have different terms? What effect will interest rate rises have?

Comparing Home Loans

This calculator will calculate the monthly payment and interest costs for up to four loans -- all on one screen -- for comparison purposes.

This is much more convenient than having to write down your results on a piece of paper each time you test a different variable or loan. You can compare 4 different loans or just vary the term or interest rate on a single loan to see the effects.

For example, if you want to see what effect a proposed interest rate rise is going to have on your home loan - enter the details for your loan as it currently stands in the first row, then repeat the information in the second row but with the proposed rate, then press the "Compute" button in each row. You can then compare the old repayment with the new.

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Loan Comparison Calculator

To calculate the payment amount and the total interest of any fixed term loan, simply fill in the 3 left-hand cells of the first row and then click on "Compute." Use the other three rows to see what effects are produced by changing any one of the loan's original variables.

Principal Interest
# of
Compute Monthly

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Click here for detailed information on the different types of home loan available in Australia.

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