Mortgage Comparison Calculator
Unsure as to which mortgage is right for you? Confused by terms and conditions and eager to know which mortgage will suit your situation? Look no further than this mortgage comparison calculator, designed make things easier in your search for the right mortgage. When embarking on the hunt for a mortgage, it is important to broaden this as much as possible and consider all kinds of mortgages from all kinds of sources. Then, simply enter the details into the calculator below and discover which is the best option.
How to use it
The calculator allows for the comparison of up to three different mortgages. One the amount of the mortgage has been entered, the user must then enter two simple details for each of the mortgages they wish to compare. First: the years, or length of the mortgage, and second: the annual interest rate. Once these details have been submitted and the “Calculate” button clicked, the calculator will come back with a total and monthly payment figure for each of the loans included, making it easy to pick the best option.
To run through an example, let’s imagine a couple are considering three different mortgages, with a total amount of around $175,000. We enter this figure into the first box on the calculator, labeled “Mortgage Amount”. For the first mortgage, the length is 15 years and the annual interest rate is fixed at 5%; for the second, the length is 20 years and the annual interest rate is 4%; for the third, the length is 30 years and the annual interest rate is 3%. If we enter these figures into the respective sections of the calculator, we can find out which of the cost of each mortgage and the monthly payment to be paid.