Description

This calculator allows you to compare two home loans. You can enter upfront fees, ongoing fees, introductory rates and terms, and ongoing rates. It calculates monthly repayments for initial and ongoing periods and total payments over the loan term.

Assumptions

• Interest rate is fixed during introductory period and then fixed at ongoing rate.
• Repayments during introductory period are calculated to amortize the loan over the full term at the introductory rate.
• After introductory period, repayments are recalculated to amortize the remaining principal over the remaining term at the ongoing rate.
• Ongoing fees are added to the monthly P&I repayment.
• Upfront fees are added to the total cost.
• Repayments are rounded to nearest cent.