Mortgage Comparison Calculator
Compare Two Mortgages
Compare two mortgage options side by side
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Formula
Monthly = L[r(1+r)^n]/[(1+r)^n - 1]. Compare total cost = Monthly x n for each option.
Frequently Asked Questions
How do I compare mortgages?
Compare mortgages by looking at the monthly payment, total interest paid, and total cost over the life of the loan. A lower rate doesn't always mean a better deal if the loan amount or term differs.
Should I choose the lowest monthly payment?
Not necessarily. A longer term gives lower monthly payments but costs more in total interest. Balance affordability with total cost. A 15-year mortgage costs much less overall than a 30-year.
What other factors should I compare?
Beyond rate and term, consider closing costs, points, PMI requirements, prepayment penalties, and whether the rate is fixed or adjustable.
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