Curious about what loan option makes the most sense for you? Test it out by using our ComparisonMortgageCalculator…
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
These costs are estimated based the information added in the advanced section. You may adjust these values to suit your particular situation in order to get a more accurate estimate.
Loan Option A
Loan Option B
Loan Amount
$
$
Down Payment
$
$
Interest Rate
%
%
Loan Term
years
years
Taxes & Insurance Included?
Property Tax(1st year)
$
$
Home Owners Insurance(1st year)
$
$
HOA dues
$
$
Home Appreciation
%
%
Upfront Fee
$
$
Total upfront fees
$
$
Total Interest Payments
$
$
Total Principal Payments
$
$
Lifetime Cost
$
$
How We Calculate the Costs
Comparing Mortgage OptionsThis calculator helps you compare two different mortgage options. It takes into account various factors for each option:Loan Details:
Loan type (Conventional, FHA, VA, USDA)
Loan amount
Interest rate
Loan term
Down payment amount
Additional Costs:
Property taxes
Homeowners insurance
HOA fees
Private Mortgage Insurance (PMI) if applicable
Upfront FeesThe calculator considers upfront fees, which can vary based on the loan type:
Conventional loans: Typically closing costs (2-5% of loan amount)
FHA loans: Upfront Mortgage Insurance Premium (UFMIP) of 1.75% of the loan amount
VA loans: VA Funding Fee (varies based on down payment and use)
USDA loans: Upfront guarantee fee of 1% of the loan amount
These fees can often be rolled into the loan amount, which is an option in the calculator.Assumptions and CalculationsThe calculator makes several calculations and assumptions:
Monthly mortgage payment (principal and interest)
Total interest paid over the life of the loan
Total cost of the loan (including upfront fees, monthly payments, and additional costs)
Annual home appreciation rate: %
Comparison MetricsThe calculator compares the two options based on:
Monthly payment
Total upfront costs
Total cost over the life of the loan
Break-even point (if applicable)
You can adjust the values in the calculator, including in the advanced settings, to better reflect your specific situation. This allows you to compare different scenarios, such as a 30-year fixed rate mortgage versus a 15-year fixed rate, or comparing loans from different lenders with varying terms and fees.Keep in mind that while this calculator provides a comprehensive comparison, your actual costs may vary based on your specific circumstances, credit score, and local market conditions. It's always recommended to consult with a mortgage professional for personalized advice.
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