Compare two loans side by side to see which costs less over the full term. Enter the amount, interest rate, term, payment frequency, and any fees for each option. The calculator shows the repayment amount, total interest, total cost including fees, and a year-by-year breakdown of how the two loans diverge over time.
| Year | A balance | A interest | B balance | B interest | Int. saving |
|---|
The interest rate gets most of the attention, but the total cost is what matters. A loan with a slightly higher rate and no fees can be cheaper overall than a low-rate loan with significant upfront and ongoing fees. This calculator adds every cost together so the comparison is genuinely fair: repayments, interest, application fees, valuation costs, and annual package fees.
At 6.49% vs 6.89% on a $500,000 30-year fortnightly loan, the total interest difference is approximately $56,000. If the lower-rate bank charges a $500 application fee and $250 annual package fee, that adds $8,000 over 30 years, bringing the net saving to about $48,000. That is still a very large sum, and it shows why even small rate differences justify careful comparison before signing.
Enter the same loan at 30 years in column A and 25 years in column B to see the trade-off between lower repayments and less total interest. Reducing a $500,000 loan from 30 to 25 years at 6.5% typically saves $80,000-$100,000 in interest. The extra fortnightly repayment is usually $85-$120. If you can afford it, the shorter term almost always wins on total cost.
Enter your current fixed rate in column A and the floating rate in column B. A fixed rate provides certainty against rises. Most NZ borrowers fix for 1 to 3 years then refix based on conditions. Use this calculator to see the exact dollar impact of each choice at today's rates.
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