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Loan Comparison Calculator

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Compare the total cost of up to four loans at the same time.

 

Determining which loan provides you with the best value is more than simply comparing monthly payments. Use this calculator to sort through the monthly payments, and "points" associated with getting a new loan. By comparing these important variables side by side, this calculator can help you pick the loan that works best for you.

 

 

 

 
  DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or
it's applicability to your financial situation.  Please consult your own financial advisor.

 

Definitions:

 

Loan amount:   The total amount for this loan.

 

Interest rate:   Periodic charge, expressed as a percentage, for the use of borrowed money. Interest rates may vary and are subject to approval by the lender. Please enter the estimated current market rate

 

Points: (Origination fee): The amount charged as a loan origination fee which is included in the APR calculation. For many real estate loans a 1% origination fee is common. For example, a 1% fee on a $120,000 loan would cost $1,200.

 

Number of Payments: (Loan Term) The number of months over which you will repay this loan. The most common terms for real estate loans are 180 months (15 years) and 360 months (30 years). Some loans may have a balloon payment, the loan term will be shorter than the number of years to amortize the loan. For example, a loan with a 5 year term amortized over 30 years will have the same monthly payment as a 30 year loan with the same interest rate. The difference is the 30 year loan will have equal payments for 30 years. The 5 year loan will have equal payments for 5 years and then a very large, or balloon, payment for the remaining balance.

 

Payment Amount:  Monthly principal and interest payment (P&I).

 

 


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