Which mortgage is better for me? Which mortgage is better for me? 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 DetailsLoan IDDown payment%$%$%$Loan term5 Years10 Years15 Years20 Years25 Years30 Years35 Years40 Years5 Years10 Years15 Years20 Years25 Years30 Years35 Years40 Years5 Years10 Years15 Years20 Years25 Years30 Years35 Years40 YearsInterest ratePointsOther feesLoan typeFixedAdjustableFixedAdjustableFixedAdjustableAdjustable type1/1 ARM3/1 ARM5/1 ARM7/1 ARM10/1 ARM1/1 ARM3/1 ARM5/1 ARM7/1 ARM10/1 ARM1/1 ARM3/1 ARM5/1 ARM7/1 ARM10/1 ARMMaximum initial rate adjustmentMaximum subsequent rate adjustmentAnticipated 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 house1 Years2 Years3 Years4 Years5 Years6 Years7 Years8 Years9 Years10 Years11 Years12 Years13 Years14 Years15 Years16 Years17 Years18 Years19 Years20 Years21 Years22 Years23 Years24 Years25 Years26 Years27 Years28 Years29 Years30 Years Show Graph Financial DetailsLoan ID*Loan amount*Points and fees*Total of paymentsPayment**Principal and interest**Private mortgage insuranceTax savingsFinal paymentPresent value of loanLoan Name 1$400,000.00$150.00$557,207.54$2,558.55$2,372.55$186.00$44,018.11$360,285.89$419,527.55Loan 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$413,674.94Loan 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. Calculator disclaimer The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results. Presented by TimeValue Software ©2022
