Comparison Rate Calculator

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At Intellichoice we provide you with the best, easy to use and effective financial tools that can help improve your finances and prepare you for a loan or asset finance.

A Comparison Rate Calculator helps you determine the difference between two or more loan options based on their interest rates. Determine which loan gives you the least interest and fees to worry about with this helpful financial calculator.

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Comparison Rate Calculator

A comparison rate is a strategy of standardizing the genuine cost of a loan. It factors in the interest rate, fees, and charges and displays a single percentage rate that can be used to compare different loans from various lenders. This calculator is a useful tool for borrowers and can help you get a clear picture of how much your loan will cost you on an ongoing basis and over its entire term. If you’re looking to compare a range of loans, the calculator can help you cut through the advertising campaigns and promotional offers to discover how much a loan is really worth.

Notes: A comparison rate does not take into account the following fees loan variation fees,Lenders Mortgage Insurance, deferred establishment fees, solicitors / surveyors fees, factors such as fee free banking, government charges such as stamp duty, Mortgage Registration fees

Conclusion: Interest rate does not change over the loan term. Interest is calculated by compounding on monthly repayment frequency. No rounding is done throughout calculation whereas repayments are rounded to at least the nearer cent in practice.

Frequently asked questions

How to use the home loan repayment calculator

Using our home loan repayment calculator is basic.You should simply enter the following variables to calculate your monthly repayments, total interest on the loan and the total amount you would be required to pay over the term of the loan; Repayment frequency, Loan term, Interest rate, Loan amount and Loan type.

Why should you use a loan repayment calculator?

A home loan calculator is a perfect tool to enable you to deal with your mortgage repayments and pay off your loan in time. If you currently have a mortgage, you could use the home loan repayment calculator to figure out what your new monthly repayments would be if you refinanced to a longer or shorter loan term. You would also be able to keep track of the required mortgage repayments should interest rates fluctuate amid the term of your mortgage.

What does the calculator show me?

This calculator assesses the amount of money that could be borrowed from a lender to purchase a property. The figures provided by the calculator are estimates only, based on your inputs and a range of assumptions. The actual amount available for borrowing will be determined by the lender.

Who should use this calculator?

This calculator is a useful tool for any individual who needs to figure out what the maximum amount is they can borrow. It will be most applicable to those in the early stages of refinancing or getting a new home loan.

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