Is there a comparison rate calculator?

I'm looking for a loan for my investment properties and I'm getting a bit confused by the comparison rates. Firstly, if you look at how its calculated, it's based off of a $150,000 loan which to me sounds like a little unrealistic? It seems the larger the loan the less useful is the comparison rate.

Plus it includes fees and things but if you have more than one property, often the fees don't matter as much. For example, if you're with BankWest they charge a $395 annual fee, but that's for every one of your loans, so if you have 4 properties, that's only $100 each - yet, their comparison rate is 3.98% on a 2.49% interest rate loan.

Is there a calculator of some sort that allows you to customise the comparison rate to suit your own individual circumstance? If not, what's the best way to look at the comparison rate?

 

most brokers should be able to compare 3 or more loans together and work out the total payments over the life of the loan.
But even these are not that good as most loans are only going to last 5 years on average - meaning you will likely refinance many times before the 30 years is up

 

It's probably not possible to put together a comparison rate calculator that is simple and covers every scenario. I could easily write something specific to your needs if I understood your loan structures properly.

The best you'll get by default is the sort of software a broker uses which produces a side-by-side comparison. Still that's going to get close, not 100% accurate for your specific circumstances.

It's actually interesting this has come up. I've been spending this evening on a repayments calculator that simulates all sorts of outcomes over a lifetime of investing. It won't be able to do a comparison rate, but you've given me some ideas of useful features. Thanks.