Which loan is better?
|
|
This calculator will compare two mortgages: one with a lower
interest rate and one with fewer points.
Place your cursor in the fields and fill in the requested
information to the best of your knowledge. Use the tab key on your
keyboard to move through the form. Once the required fields are
completed, the form will automatically populate with the information
you have requested.
|
| Mortgage A (Lower interest
rate) |
Mortgage B (Fewer points) |
| $ |
Monthly Payment |
$ |
Monthly Payment |
|
Years You Plan on Living in the House |
|
Years You Plan on Living in the House |
| $ |
Prepayment Penalty |
$ |
Prepayment Penalty |
| $ |
Dollar Amount of Points |
$ |
Dollar Amount of Points |
| $ |
Principal Remaining When You Vacate Premises |
$ |
Principal Remaining When You Vacate Premises |
|
Total Cost |
|
Total Cost |
|
If the total cost for each of the two
mortgages is reasonably close, choose the one with the lower annual
percentage rate (APR). However, if the APR's are close and there is
a significant difference in the total cost, you are probably better
off choosing the mortgage with the lower long-run cost. |
Note: This calculator is provided to give
you a general idea. We cannot guarantee the accuracy or the
applicability to your situation. Please consult a qualified
professional. If you use a 0% interest value, the calculator will
automatically use a default value of .001. Please be aware that the
values may vary
slightly. |
