Which Loan is Better?

Loan Comparison Calculator
  Loan 1 Loan 2
Amount : ($)
Interest Rate : (%) (%)
Length : (Yrs) (Yrs)
Points : (%) (%)
Origination Fees : (%) (%)
Closing Costs : ($) ($)
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Financial Analysis (Switch to Plain English)
  Loan 1 Loan 2
Points Value $2,000.00 $6,000.00
Origination Fees $0.00 $2,000.00
Total Closing Costs $4,500.00 $8,700.00
Amount Financed $400,000.00 $400,000.00
Monthly Principal & Interests : $1,909.66 $2,026.74
Total Monthly Payments : $687,478.03 $729,626.85
Payment Savings : $42,148.82 $0.00
Plain English Help (Switch to Financial Analysis)

While shopping for a home mortgage loan, you will be presented with different loan options. Plugging this information into the loan comparison calculator will allow you to determine which one is the best option for you.

If your loan is for $400,000.00, you might be able to choose a 30 year loan with an interest rate of 4.000%, with 0.500 point(s), and a closing cost of $2,500.00. Or, you might be offered a 30 year loan with an interest rate of 4.500%, with 1.500 point(s), an origination fee of 0.50%, and closing costs of $700.00.

With the first loan option, your total closing costs will actually be $4,500.00, while the second loan will cost $8,700.00 at closing. The first loan would come to $1,909.66 per month and the second loan would be $2,026.74.

When all is said in done, you will also pay less with the first loan. In fact, you will SAVE $42,148.82 with the FIRST loan because the first one would cost a total of $687,478.03 and the second would be $729,626.85.

DISCLAIMER: Calculations performed by Fifth Avenue Realty's financial calculators are mathematical estimates for illustrative purposes only. There is no warranty, express or implied, regarding the accuracy of the results or the applicability to your financial situation. The information provided on or through the Fifth Avenue Realty website and this calculator should not be relied upon as the only source of information. We encourage you to contact us today for personalized advice or consult your own financial advisor before making any financial decisions.