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Which loan is better?

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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 ($)  Glossary of Terms
Interest rate (%)  Glossary of Terms
Length of Loan (Yrs)  Glossary of Terms
Discount Points (%)  Glossary of Terms
Origination Fee (%)  Glossary of Terms
Closing cost ($)  Glossary of Terms
Second Loan Information
Loan Amount ($)  Glossary of Terms
Interest rate (%)  Glossary of Terms
Length of Loan (Yrs)  Glossary of Terms
Discount Points (%)  Glossary of Terms
Origination Fee (%)  Glossary of Terms
Closing cost ($)  Glossary of Terms

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. Return to Top
Interest Rate: The amount of interest charged on a monthly loan payment; usually expressed as a percentage. Return to Top
Length of Loan: The number of years required to pay off the principal and interest of the loan. Return to Top
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. Return to Top
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. Return to Top
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. Return to Top

Disclaimer: We cannot guarantee the accuracy of this calculator. You should check with your finance provider before entering into any contracts.