Description
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.