Loan Comparison Report
Use this calculator to make a side by side comparison of up to 4 loan options.
You are in the driver’s seat for this loan comparison calculator. Set the sales price, interest rates and loan factors as you wish, but remember that this is a calculator that you control. The interest rates and closing costs seen here are just examples and not a "quote" or "offer to lend." Always contact us directly for actual current rates specific to your circumstance.
This loan comparison calculator can be used in many ways. The primary benefit is to compare various loan options side by side so you can see clearly the payment, principal and cost differentials not only as they appear on the surface but more importantly, over the specific time period that you expect to own your home or have your loan before sale or refinance. If you have any questions or would like to go through this together, reach out using the contact info below.
Understanding the Terms:
Interest Rate vs. APR, Monthly Payment, Cost over 0
The Interest Rate is the cost you will pay each year to borrow the money, expressed
as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan.
An Annual Percentage Rate (APR) is a broader measure of the cost to you of borrowing money, also expressed
as a percentage rate. In general the APR reflects not only the interest rate but also any points, mortgage broker fees,
and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
The Monthly Payment is the total of your loan amount's principal and
interest along with taxes, insurance MI/PMI, and various monthly fees, where applicable.
The "Cost Over 0" is your closing costs, mortgage insurance, and interest expense after any
tax deductions over the number of years indicated.
Questions?
Reach out anytime and we'll answer any questions you may have. (404) 943-9910