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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.
All fields are required.
Loan 1 Name
Down Payment
Loan term
5 Years10 Years15 Years20 Years25 Years30 Years35 Years40 Years
Interest rate
Points
Other fees
Payment period
BiweeklyMonthlyQuarterlySemiannualAnnualBiweekly
Loan type
FixedAdjustable
Adjustable type
1/1 ARM3/1 ARM5/1 ARM7/1 ARM10/1 ARM
Maximum initial rate adjustment
Maximum subsequent rate adjustment
Anticipated rate cap
Loan 2 Name
Loan 3 Name
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
1 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
Loan ID
Loan Name 1
Loan Name 2
Loan Name 3
Loan amount*
$400,000.00
$360,000.00
$340,000.00
Points and fees*
$150.00
$3,700.00
$200.00
Total of payments*
$557,207.54
$494,225.83
$474,136.52
Payment
$2,558.55
$1,870.98
$1,949.29
Principal and interest**
$2,372.55
$1,718.70
$1,825.19
Private mortgage insurance**
$186.00
$152.28
$124.10
Tax savings
$44,018.11
$38,591.23
$37,558.23
Final payment
$360,285.89
$323,109.16
$306,943.23
Present value of loan
$419,527.55
$413,674.94
$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.
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