Compare two mortgage scenarios.
Compare two fixed rate mortgage scenarios with cash fees, financed fees, monthly housing costs, remaining debt and costs over your selected horizon.
Compare two fully amortizing fixed rate scenarios, including cash needed, principal repaid and remaining debt. A smaller payment alone is not a lower total cost.
Educational illustration only. Not a rate quote, APR, Loan Estimate, approval, eligibility decision or loan commitment. All amounts are in U.S. dollars. Enter your own assumptions; zeros omit costs, they do not mean a cost does not apply.
Enter your assumptions, then calculate to see the illustration.
Understand the comparison and its limits
This is a fixed rate model, not a full adjustable rate mortgage (ARM), temporary buydown, interest only, balloon or refinance model. It assumes regular monthly payments, unchanged rates and unchanged monthly costs, with no extra payments or missed payments.
Down payment and principal repayment are not borrowing costs. Financed fees are counted once as costs and also increase the debt. Modeled financing cost equals interest paid, cash fees, financed fees and mortgage insurance. Modeled non equity cost adds the entered property taxes, homeowners insurance and association dues.
For purchase scenarios, estimated equity equals unchanged purchase price minus remaining debt. Cash paid through the horizon minus that equity equals modeled non equity cost. The direct loan amount mode does not estimate property equity or a down payment. Different prices or starting loan amounts are not an like for like comparison; the tool does not declare a winner or promise savings.
Upfront cash shown is down payment plus cash fees only, not a cash to close disclosure. The model excludes credits, escrow deposits, prepaid interest, tax effects, appreciation, investment returns on cash, sale or refinance costs, prepayment penalties, maintenance and utilities. It is not a break even analysis. Ask your lender about any fee you may finance and about mortgage insurance changes.
Definitions and further reading: CFPB: payment components · CFPB: loan costs and principal
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
DISCLOSURE: Numbers shown constitute an estimate and are provided for illustrative and educational purposes only. The calculations provided, which may include the displayed interest rates, total cost of the mortgage, and monthly payment amounts, are estimates based on data entered by the user. The amounts displayed are not guaranteed, and what you actually pay may be different, as your mortgage payment and interest rate will depend on factors like your mortgage product, collateral, and credit history. Additional taxes, insurance, and other fees or charges may apply. Results do not reflect all loan programs and are subject to individual program loan limits. This does not constitute an offer for a mortgage or refinance and is not a commitment to lend, nor is it an advertisement for the above interest rate, loan terms, or payment. Contact a Loan Officer for assistance.
Keep in mind that while this calculator provides a comprehensive comparison, your actual costs may vary based on your specific circumstances, credit score, and local market conditions. It's always recommended to consult with a mortgage professional for personalized advice.
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