Loan Comparison Calculator
The loan comparison calculator gives you the option to explore a wide range of possibilities. With this calculator, you can explore scenarios between different home loan amounts and check out how different loan terms and interest rates will affect your monthly payment.
About the Loan Comparison Calculator
Below are a few of the different ways we recommend using the loan comparison calculator:
- You can look at the differences between two homes. Assuming similar loan programs and interest rate, how much more will you pay for a more expensive home? How does that fit into your budget?
- You can look at the differences between two loan programs. For example, what happens if you choose a 30 year vs. a 15-year loan? Of course, there is a difference in the payment. Now add that difference back into the Extra Payment amount for the 30 year and see what happens. Typically, you’ll pay just about 1 year longer on the loan and end up with additional interest. However, it does give you the flexibility to manage your cash flow.
- With the loan comparison calculator you can compare interest rates. This can impact the timing of your home buying decision in a rising interest rate environment. It can also let you explore options about buying down an interest rate using points.
Of course, this is only an estimate and these calculators don’t take into account property taxes, home insurance, and HOA fees—for that, check out our Loan Repayment Calculator. And when you are ready to explore a solution defined for your budget and financial future, contact us.