Borrowing, comparing and refinancing
Comparison Rate Calculator
Fold the fees into a single annual rate, the way lenders must quote a comparison rate, and see what the loan really costs.
- Cost
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- Your figures
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- Method
- Set out below
The rate the loan charges, or the rate it reverts to after an introductory rate.
Leave at 0 if the loan has no introductory rate.
Application, valuation and settlement fees paid when the loan starts.
An annual package fee of $395 is about $32.92 a month.
A discharge or termination fee charged when the loan is repaid.
Comparison rate
6.16%
Against an interest rate of 6.00% p.a. The difference is what the fees add.
- Interest$139,936(97%)
- Fees$3,950(3%)
- Monthly repayment
- $966.45
- Total interest
- $139,936
- Total fees
- $3,950
- Total payments
- $293,886
Estimate only, based on the figures entered and the assumptions listed below. It is not a quote, an offer of credit or personal advice.
The same rates and fees on other loan amounts
Fixed fees weigh less on a bigger loan, so its comparison rate is lower. Each column uses your term of 25 years.
| Measure | $150,000 | $300,000 | $600,000 | $1,000,000 |
|---|---|---|---|---|
| Comparison rate | 6.16% | 6.08% | 6.04% | 6.02% |
| Total interest | $139,936 | $279,871 | $559,743 | $932,904 |
| Total fees | $3,950 | $3,950 | $3,950 | $3,950 |
How this calculator works
A comparison rate rolls the interest rate and the standard fees into one figure. Two loans with the same headline rate can have very different comparison rates once fees are counted.
Lenders advertise comparison rates on a benchmark loan of $150,000 over 25 years. Enter your own amount and term to see the figure for the loan you will actually take.
Assumptions
- Repayments are monthly, principal and interest, and interest is charged monthly.
- If there is an introductory rate, the repayment is recalculated at the revert rate when it ends.
- Upfront fees are paid at settlement, the ongoing fee every month and the end fee with the final repayment.
- The comparison rate is the annual rate (monthly rate times 12) at which the repayments and fees, discounted to today, equal the amount borrowed.
- Government charges, Lenders' Mortgage Insurance and fees that may not arise, such as break or late fees, are excluded, as they are from advertised comparison rates.
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