Loan Comparison Calculator
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!
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Today's Best Mortgage Rates
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