Home loan comparison calculator

It can be tricky to tell which home loan is going to be better value in the long run. That’s why we’ve built a comparison calculator, so you can put two of your top home loan picks side-by-side and easily see which will save you the most money on your new home.

Results from this calculation are estimates only as individual institutions apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.

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Frequently Asked Questions 

What’s the difference between principal and interest and interest only home loans?
This affects what kind of repayments you make on your home loan. If you opt for a principal and interest loan, your monthly repayments will be split between the cost of paying back the amount you borrowed (the principal) and paying the interest costs. If you choose an interest only loan, you’ll only pay the cost of interest each month. This can be handy if your monthly budget is stretched a bit thin, but keep in mind that at the end of your loan term, you’ll have to pay the principal back in a lump sum.

What’s the comparison rate and how do I use it?
You’ll usually see the comparison rate next to the ongoing interest rate when you research home loans. It’s a guide that takes into account both the interest rate and fees of a loan to give you an accurate idea of it’s cost. The home loan with the lowest interest rate is not always the best value if it packs a few big fees.
The comparison rate is useful for deciding which home loan is better value, but keep in mind it isn’t tailored to your loan. To find out the dollar figure you’ll be up for, it’s much better to use our comparison calculator.

What else should I consider when comparing home loans?
It’s not all in the numbers! Things like interest rate and loan term are important when picking out a home loan, but you might also want to consider flexible features like extra repayments, an offset account or redraw facility. These things can help you pay off your home loan quicker, which means paying less interest, but not all home loans offer them, so choose wisely. Plus, the more features your home loan packs in, the more likely it is to have higher fees or rates, so be choosy about which features you will actually use.

Where can I find the best home loans to compare?
That part’s easy! Head over to our home loan comparison search tool, put in all the details of your desired home loan - like how much you want to borrow and how much your dream home is worth - and we’ll show you all the best home loans for you! Or, if you’d rather just browse a comprehensive comparison of the home loan market, check out our home loan comparison table.

I already have a home loan. How can I find a better option?
If you’re on the hunt for a better deal, it can be difficult knowing exactly where your current home loan stands compared to what else is on the market. That’s why Mozo have come up with our Switch & Save home loan calculator. Put in the details of your old home loan and we’ll show you all the best options for switching, whether you want to pay your loan off faster or make your monthly repayments cheaper.