Need to know what the difference in repayments would be for two loans with different interest rates? Try out our Loan Comparison Calculator that allows you to enter any combination of loan amounts and interest rates and let the comparison calculator show you the difference.
How to use this Loan Comparison Calculator
Enter your loan details
- Enter your desired mortgage amount for loan 1
- Choose your loan term, for example, a typical variable rate mortgage in the current market might have a loan term of 25 to 30 years
- Enter your desired interest rate, for example, a typical variable mortgage in the current market might an interest rate of 5.0% to 6.0%.
- Choose whether you want to pay your loan Weekly, Fortnightly or Monthly
- Repeat all the above steps for loan 2
- Review the calculator results
What’s my next option?
After reviewing the loan comparison calculator results it could be worth looking into whether your current mortgage offers you the flexibility you need to meet your financial goals. If not, it might be time to consider your refinancing options.
If you’re actively looking to buy a property soon, it’s a good idea to get a formal home loan pre-approval, which will provide you with an accurate assessment of your borrowing capacity and confirm your mortgage repayments and all associated costs.
Ocean Home Loans mortgage brokers will be able to help you find a suitable loan from over 600 products and 30 different lenders and get a pre-approval quickly and easily, at no cost to you. If you would like to find out more then please call us now on 07 5593 1420 or enquire online and we will contact you as soon as possible to discuss all your options and secure you the best financial solution for your current needs.
If you’re looking to purchase but are still in the early stages of house hunting and want to do some more research, other than the loan comparison calculator, you might find these other tools useful:
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Disclaimer: Whilst every effort has been made to ensure the accuracy of this calculator, the results should be used as an indication only. They are neither a quote nor a pre-qualification for a home loan.