Mortgage Comparison Calculator

Select currency, enter value and click on calculate. Result will be displayed.
Currency:
Total Loan Amount:

Annual Interest Rate:

15 Year Loan:
%
20 Year Loan:
%
30 Year Loan:
%

Monthly Mortgage Payment:

15 Year Mortgage:
20 Year Mortgage:
30 Year Mortgage:

Total Payments:

15 Year Mortgage:
20 Year Mortgage:
30 Year Mortgage:

Total Interest Charges:

15 Year Mortgage:
20 Year Mortgage:
30 Year Mortgage:

A Mortgage Comparison Calculator is a tool that helps you compare multiple mortgage offers from different lenders or loan options. The goal is to determine which mortgage is the best fit for your financial situation, based on various factors like interest rates, loan terms, monthly payments, and total costs over the life of the loan.

Key Features of a Mortgage Comparison Calculator:
Inputs:

Loan Amount: The amount of money you plan to borrow.
Interest Rate: The interest rate for each mortgage option being compared.
Loan Term: The length of the mortgage (e.g., 15, 20, 30 years).
Monthly Payment: Some calculators allow you to adjust monthly payments to see how it affects the loan's terms.
Fees: Additional costs like origination fees, closing costs, insurance, and other fees associated with the loan.
Additional Costs: Some calculators also allow you to include property taxes, homeowners' insurance, and private mortgage insurance (PMI) if applicable.
Outputs:

Total Loan Cost: This includes the total amount paid over the life of the loan, factoring in both principal and interest.
Monthly Payment: The regular amount that will be paid each month toward the loan.
APR (Annual Percentage Rate): Some calculators show the APR for each loan option, which provides a clearer picture of the total cost over the term, as it includes interest and fees.
Total Interest Paid: The total amount you'll pay in interest over the life of the loan.
How It Works:
You can enter details for multiple mortgage options into the calculator to see a side-by-side comparison. For example, you might compare:

A 30-year fixed-rate mortgage with a lower interest rate but higher fees.
A 15-year fixed-rate mortgage with a higher interest rate but lower fees.
The calculator will show you how the different terms and conditions impact your total costs, monthly payments, and overall loan expenses.

Why Use a Mortgage Comparison Calculator?
Make Informed Decisions: Helps you evaluate multiple options based on more than just the interest rate, by factoring in all the associated costs.
Identify the Best Option: It gives you a clear view of how different interest rates, loan terms, and fees affect the total cost of the mortgage, allowing you to find the best option for your budget and financial goals.
Plan for the Future: By seeing the full cost of each loan over time, you can plan your future finances better, knowing how much you'll pay and how long it will take.