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This mortgage comparison calculator compares loans with different mortgage rates, loan amounts or terms. Compare two fixed rate loans with different rates & repayment periods. Or view two different loan amounts that carry the same interest rate and repayment period.
Comparing loan features side by side helps you find the mortgage loan you need. It's useful when you are comparing new home loan lenders or when you are considering refinancing a current mortgage.
Let's say you're trying to decide whether to buy a home with a low down payment and a 30 year repayment term, or if you should make an additional $25,000 down payment and reduce the loan term to 15 years. The first loan amount is $250,000, with an interest rate of 5.50% for a term of 30 years. The second loan amount is $225,000, at a rate of 5.25%, repaid over 15 years. (This is a simplified example, and doesn't include lender charges and other costs).
The Mortgage comparison calculator assists in determining how much you can borrow to achieve an affordable payment, or if borrowing more over a longer term can meet your needs. Using different calculator tools can help you get the maximum benefits from refinancing or a new mortgage.
If you're using this calculator now, you're already halfway to getting the best deal - examining the different options available to you, and within your own budgetary constraints. You should also be comparing lenders to find the best mortgage deal for your situation.