# Loan Comparison Calculator

User Rating : (5 votes, average: 4.2 out of 5)

This mortgage loan rate calculator compares loans with different mortgage rates, loan amounts or terms. Compare two fixed rate loans with different rates & repayment periods.  Or view two different loan amounts that carry the same interest rate and repayment period.

Comparing loan features side by side helps you find the mortgage loan you need. It's useful when you are comparing new home loan lenders or when you are considering refinancing a current mortgage.

## How this Loan Comparison Mortgage Calculator Works

• Enter the loan amount, interest rate, and repayment term (length of loan) for two loans you're considering.
• A screen pops up showing the total monthly Principle & Interest (P&I) payment, the total of all payments for the entire loan term, and the total amount of interest you would pay for the entire loan term.
• If you want to compare more than two mortgage loans, click "start over."

## How Comparing Loans Can Help

Let's say you're trying to decide whether to buy a home with a low down payment and a 30 year repayment term, or if you should make an additional \$25,000 down payment and reduce the loan term to 15 years. The first loan amount is \$250,000, with an interest rate of 5.50% for a term of 30 years. The second loan amount is \$225,000, at a rate of 5.25%, repaid over 15 years. (This is a simplified example, and doesn't include lender charges and other costs).

• Your monthly payment for the 30 year loan would be \$1419.47; for the 15 year loan, it would be \$1808.72.
• Assuming you would take the full 30 year term to pay off the first loan, you would pay a total of \$511,010.10 for P&I payments. If you used the entire 15 year term to pay off the second loan, you would pay a total of \$325,570.47 in P&I payments.
• If you utilized the full repayment term for each loan, you would pay \$261,010.10 in interest for the 30 year loan and \$100,570.47 for the 15 year loan.This amounts to a potential savings of \$160,439.63 if you can afford the higher payments and make an additional down payment of \$25,000.

The loan comparison calculator assists in determining how much you can borrow to achieve an affordable payment, or if borrowing more over a longer term can meet your needs. Using different calculator tools can help you get the maximum benefits from refinancing or a new mortgage.

If you're using this calculator now, you're already halfway to getting the best deal - examining the different options available to you, and within your own budgetary constraints. You should also be comparing lenders to find the best deal. Consider requesting competing quotes from our pre-screened lenders. There's no obligation, and the service is absolutely free. You may receive up to four different quotes to choose from, customized exclusively for you!

14 Responses to "Loan Comparison Calculator"
1. shawn 25, Feb, 2010

great site

2. Captain Obvious 01, Dec, 2008

"...compare up to three different loans..." Why then are there places only for two plans? - - - - EDITOR'S COMMENT: Good point, Captain Obvious! I'll change the description. That calculator only compares two fixed rate loans. It should not say otherwise.

3. marcy 24, Nov, 2008

great site!!! thanks

4. rudy 06, Apr, 2008

thanks

5. Keegan 17, Feb, 2008

Marco - - - - EDITOR'S REPLY: Marco? What other response is there: Polo!

6. Cindy 18, Dec, 2007

It would be helpful if this calculator compares different plans (e.g., I-O loans, ARMs, etc) instead of having just a variable repayment period. Overall, helpful website & tools though. Thanks! - - - - EDITOR'S COMMENT: There is an Interest Only (IO) calculator on this site. As far as ARMs, the fixed rate calculator will work for an ARM until the first adjustment period. After that, the rate changes to an amount that cannot be pre-determined. At some point, we'll add a tool that allows you to play what-if scenarios so you can see what the various possible adjustments might look like in a worst-case, best-case, and anticipated case scenario, but that's more of a what-if tool than a calculator. There's no real way to accurately predict what an ARM loan is going to look like once the adjustments start kicking in.

7. carol rose 18, Nov, 2007

looking for quote - - - - EDITOR'S COMMENTS: Happy to help, Carol :-) Click on the "Get Quotes" link, right below the calculator. That brings you to a page that will help you locate lenders that specialize in the type of loan you're looking for and request quotes from up to four of them. It's a service provided by Guide to Lenders. We've been working with them for years and we get great feedback on the service they provide. Happy rate shopping!

8. chase 13, Nov, 2007

its cool but i was told to go to here buy my teacher and i hate following directions so this sucks

Property State:
Property Type:
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Product

Today

+/-

Last Week

5/1 ARM

2.64 %

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15 Year Fixed

2.50 %

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30 Year Fixed

4.62 %

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