Mortgage Comparison Calculator

Compare several fixed rate mortgage plans you are offered before you make a reliable choice.

Input Information

Loan 1		Loan 2
Amount :		($)
Interest Rate :	(%)	Interest Rate :	(%)
Length :	(Yrs)	Length :	(Yrs)
Points :	(%)	Points :	(%)
Origination Fees :	(%)	Origination Fees :	(%)
Closing Costs :	($)	Closing Costs :	($)
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Financial Analysis (Switch to Plain English)

	Loan 1	Loan 2
Points Value	$2,500.00	$3,750.00
Origination Fees	$0.00	$1,250.00
Total Closing Costs	$3,700.00	$5,700.00
Amount Financed	$250,000.00	$250,000.00
Monthly Principal & Interests :	$1,342.05	$1,266.71
Total Monthly Payments :	$483,139.46	$456,016.78
Payment Savings :	$0.00	$27,122.68

Plain English Help (Switch to Financial Analysis)

While shopping for a home mortgage loan, you will be presented with different loan options. This calculator can help you to compare them and decide which one is best for you. If your loan is going to be for $250,000.00, you may want to choose for a 30-year loan with an interest rate of 5.000%, with 1.000 point(s), and closing costs of $1,200.00; or the option of a 30-year loan with an interest rate of 4.500%, with 1.500 point(s), an origination fee of 0.50%, and closing costs of $700.00 may seem more attractive. Now let's look at the details. With the first loan option, your total closing costs will actually be $3,700.00, while the second loan will cost $5,700.00 at closing. The monthly payments for the first loan will be $1,342.05, the second loan, in its turn, requires $1,266.71 per month. The big picture shows, that in general you will pay less with the second loan. In fact, you will SAVE $27,122.68 with the SECOND loan. The first one would cost a total of $483,139.46 and the second one would be $456,016.78.