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.
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