Mortgage Comparison Calculator

- May 12, 2025

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Compare different mortgage options side by side to help determine which loan best fits your needs. This calculator shows monthly payments, total interest, and other key metrics for up to three different mortgage scenarios.

Property Details

Home Price:

Deposit:

Deposit Percentage:

Annual Property Tax:

Annual Home Insurance:

Monthly HOA Fees:

Mortgage 1

Mortgage 2

Mortgage 3

Loan Name/Description:

Loan Amount:

Loan Term:

years

Interest Rate:

PMI Rate:

Loan Type:

Closing Costs:

Loan Points:

points

Loan Name/Description:

Loan Amount:

Loan Term:

years

Interest Rate:

PMI Rate:

Loan Type:

Closing Costs:

Loan Points:

points

Loan Name/Description:

Loan Amount:

Loan Term:

years

Interest Rate:

PMI Rate:

Loan Type:

ARM Type:

Initial Period:

years

Adjustment Rate Cap:

Lifetime Cap:

Closing Costs:

Loan Points:

points

Additional Options

Include PMI (if deposit < 20%)

Include taxes and insurance in payment

Decimal Places:

Mortgage Comparison Results

Payment Summary

Monthly Breakdown

Amortization

Total Costs

Metric	30-Year Fixed	15-Year Fixed	5/1 ARM
Monthly Principal & Interest	£1,216.04	£1,775.25	£1,077.71
Monthly PMI	£0.00	£0.00	£0.00
Monthly Taxes & Insurance	£400.00	£400.00	£400.00
Monthly HOA Fee	£0.00	£0.00	£0.00
Total Monthly Payment	£1,616.04	£2,175.25	£1,477.71
Total Interest Paid	£197,774.56	£79,544.19	£147,977.67
Loan Term	30 years	15 years	30 years
Interest Rate	4.50%	4.00%	3.50% (initial)

Payment Component	30-Year Fixed	15-Year Fixed	5/1 ARM
Principal	£316.04	£1,175.25	£377.71
Interest	£900.00	£600.00	£700.00
Taxes	£300.00	£300.00	£300.00
Insurance	£100.00	£100.00	£100.00
PMI	£0.00	£0.00	£0.00
HOA	£0.00	£0.00	£0.00
Total	£1,616.04	£2,175.25	£1,477.71

Select Loan:

View:

Period	Payment	Principal	Interest	Cumulative Interest	Balance

Cost Component	30-Year Fixed	15-Year Fixed	5/1 ARM
Loan Amount	£240,000.00	£240,000.00	£240,000.00
Total Interest	£197,774.56	£79,544.19	£147,977.67
Total PMI	£0.00	£0.00	£0.00
Total Taxes & Insurance	£144,000.00	£72,000.00	£144,000.00
Total HOA	£0.00	£0.00	£0.00
Closing Costs	£3,500.00	£3,500.00	£3,500.00
Points Cost	£0.00	£0.00	£0.00
Total Cost of Ownership	£585,274.56	£395,044.19	£535,477.67

Understanding Mortgage Options

When choosing a mortgage, it's important to understand how different options impact your monthly payment and total cost over the life of the loan. Here are some key considerations:

Fixed-Rate vs. Adjustable-Rate Mortgages (ARMs)

Fixed-Rate: Interest rate remains constant for the entire loan term. Provides payment stability and predictability.
Adjustable-Rate: Interest rate is fixed for an initial period, then adjusts periodically based on market indexes. ARMs typically offer lower initial rates but carry the risk of rate increases later.

Loan Term Considerations

30-Year Loans: Lower monthly payments but significantly more interest paid over the life of the loan.
15-Year Loans: Higher monthly payments but substantial interest savings and faster equity building.
Other Terms: 10, 20, or 25-year terms offer different balances between monthly payment amount and total interest paid.

Other Mortgage Cost Factors

Private Mortgage Insurance (PMI): Required when deposit is less than 20%. Can add significantly to monthly payments.
Property Taxes & Insurance: Often included in monthly mortgage payments through an escrow account.
Points: Upfront fees paid to lower the interest rate (1 point = 1% of loan amount).
Closing Costs: Various fees for loan processing, appraisals, title insurance, etc.

Understanding the Mortgage Comparison Calculator

The Mortgage Comparison Calculator is a helpful tool designed for anyone looking to buy a home. It allows you to compare different mortgage options side by side. By using this calculator, you can see how monthly payments, total interest, and Other key details differ across multiple loans. This insight helps you find the mortgage that best suits your Financial situation.

How to Use the Calculator Effectively

Getting started with the Mortgage Comparison Calculator is straightforward. You only need to enter details about the property and the different mortgage options you are considering. It’s important to include information like the home price, down payment, annual property tax, and interest rates. Once you fill in these details, the calculator provides a clear comparison of the mortgage options.

Key Features of the Calculator

Compare up to three different mortgage options at once.
See monthly payments and total interest for each mortgage.
Access various loan types including fixed-rate and adjustable-rate mortgages.
View additional costs like property taxes and insurance.

Benefits of Using the Mortgage Comparison Calculator

This calculator offers several advantages that can help you make an informed decision. It not only saves time by allowing you to compare multiple loans in one place but also helps you understand the long-term costs associated with each option. By knowing your exact financial commitments, you can budget better for your future.

What Information Do You Need?

Before using the calculator, gather all necessary details about your potential mortgage. You'll need the following information:

Home price
Down payment amount
Annual property tax
Home insurance costs
Loan amounts and terms
Interest rates and PMI rates

Understanding Mortgage Terms

Familiarising yourself with mortgage terms is crucial for utilising the calculator effectively. Common terms include 'fixed-rate' loans, which have stable interest rates throughout the loan period, and 'adjustable-rate mortgages' (ARMs), which may change based on market rates after an initial period. Knowing these differences helps you make wise choices about your loan options.

Analysing Your Results

Once you've input your data, the comparison results will show you a summary of each mortgage option. Pay attention to the details like total monthly payments, total interest paid, and loan terms. This analysis will guide you in choosing the most suitable mortgage that aligns with your financial goals and comfort level.

Final Thoughts on Mortgage Comparisons

The Mortgage Comparison Calculator is a valuable resource for prospective homebuyers. It simplifies the process of comparing different loans and helps you gain clarity on your options. By utilising this tool, you can approach the home-buying journey with confidence and peace of mind, knowing that you have made an informed decision that fits your budget.

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