Calculator

Which mortgage is better for me?

This calculator will help you compare the total cost of any two or three mortgages. This analysis includes the effect of a tax deduction for interest. If the interest is not deductible, or if you do not want to show the effect of the tax deduction, choose an income tax rate of zero.

Loan Details

Loan ID
Down payment	%$	%$	%$
Loan term
Interest rate
Points
Other fees
Loan type
Adjustable type
Maximum initial rate adjustment
Maximum subsequent rate adjustment
Anticipated rate cap

All Loans
	Home price
	Your income tax rate	(Enter 0 if you do not want to calculate tax effects.)
	Your after tax savings rate
	How long you will stay in this house

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Financial Details

Loan ID
*Loan amount
*Points and fees
*Total of payments
Payment
**Principal and interest
**Private mortgage insurance
Tax savings
Final payment
Present value of loan

Loan Name 1
$400,000.00
$150.00
$557,207.54
$2,558.55
$2,372.55
$186.00
$44,018.11
$360,285.89
$419,527.55

Loan Name 2
$360,000.00
$3,700.00
$494,225.83
$1,870.98
$1,718.70
$152.28
$38,591.23
$323,109.16
$413,674.94

Loan Name 3
$340,000.00
$200.00
$474,136.52
$1,949.29
$1,825.19
$124.10
$37,558.23
$306,943.23
$411,345.71

* Included in APR.
** Included in Payment.

Calculator tips

The "present value of the loan" figure is the cost of all tax adjusted payments plus tax adjusted points, fees and down payment, discounted back to the start of the loan at the savings rate you entered. You may also think of it as the amount you would have to invest today (e.g., in a savings account) to cover the points, fees, down payment, and all monthly payments for as long as you keep this property.

In this calculation, points are deducted up front as opposed to being amortized over the life of the loan. This is most consistent with new primary residence purchases. The deduction on loan points for refinances and income properties are usually amortized over the life of the loan.