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Description
This simple calculator calculates difference between your monthly payment based on your input.
Which loan is better?
First Loan Information
Loan Amount ($)
Interest rate (%)
Length of Loan (Yrs)
Discount Points (%)
Origination Fee (%)
Closing cost ($)
Second Loan Information
Loan Amount ($)
Interest rate (%)
Length of Loan (Yrs)
Discount Points (%)
Origination Fee (%)
Closing cost ($)
Result
First Loans
Second Loan
Monthly Payment:
$1,100.65
Monthly Payment:
$1,048.82
Origination fee:
$0.00
Origination fee:
$1,500.00
Discount Points:
$1,500.00
Discount Points:
$1,500.00
Closing Cost:
$1,000.00
Closing Cost:
$1,200.00
Total Closing Cost:
$2,500.00
Total Closing Cost:
$4,200.00
Total paid (P+I):
$396,232.87
Total paid (P+I):
$377,575.83
Real APR:
8.18%
Real APR:
7.79%
Glossary of Terms
Loan Amount:
Money borrowed that is usually repaid with interest to purchase property.
Interest Rate:
The amount of interest charged on a monthly loan payment; usually expressed as a percentage.
Length of Loan:
The number of years required to pay off the principal and interest of the loan.
Discount Points:
Interest Charges paid up-front when a borrower closes a loan. A point is equal to 1 percent of the loan amount (e.g. 1.5 points on a $100,000 mortgage would cost the borrower $1,500). Generally, by paying more points at closing, the borrower reduces the interest rate of his loan and thus future monthly payments.
Origination Fee:
The charge for originating a loan; is usually calculated in the form of points and paid at closing. It is expressed as a percentage of the loan amount.
Closing cost:
Closing costs are fees paid by the borrower when a property is purchased or refinanced. Costs incurred include a loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, deed recording fee, and credit report charges.
Disclaimer
: We cannot guarantee the accuracy of this calculator. You should check with your finance provider before entering into any contracts.
Mortgage Calculators
Mortgage Payment Calculator
|
Mortgage Principal Calculator
|
Mortgage Length Calculator
|
How Much Can I Afford?
Tax Benefits Of Buying A Home
|
Should I Buy Or Rent?
|
Should I Pay Points For A Lower Interest Rate?
Should I Consolidate Debt Into A Home Equity Loan?
|
How Much Income Do I Need To Qualify?
|
Loan Amortization
|
Should I Refinance?
What Is The APR For This Loan?
|
What is the APR for this ARM Loan?
|
What Will My ARM Loan Payment Be?
|
Canadian Mortgage Payment
Which loan is better?
|
Standard vs Bi-Weekly
|
Pre-Qualify
|
Interest only calculator