Mortgage Loan Expense Comparing Calculator

Loan Factors

Here are some basic mortgage loan expenses:

• loan amount
• rate of interest
• loan length
• monthly payment
• closing costs

Loan Amount

Comparing offers from different lenders is straight forward. The first factor to compare is loan size - be sure you are comparing loan offers for the same size loan.
A change in the loan size may affect the rate of interest offered and would certainly affect your monthly payment.

rate of interest

This is a basic factor to compare. There is usually an APR (annual percentage rate) figure offered wtih this.

Loan Length

Loans could be for many different lengths - 15, 30, 40, 45 or 50 years are some of the loans that are offered now.

A term with a longer loan term has a smaller payment. A 15 year mortgage has a much higher monthly payment than a 30 year mortgage. A 50 year mortgage has a smaller monthly payment than a alike 30 year mortgage.

Monthly Payment

When comparing the monthly mortgage payment be sure you are comparing the same things. Some mortgage estimates may include your monthly property tax expenses that are paid, while other estimates may involve only the loan payment itself. do not compare a monthly payment that is just the monthly financial payment with another offer that includes the financial payment plus the property taxes.

Closing Costs

Lenders could offer loans with either no closing costs or regular closing costs. A no closing cost option generally has a higher rate of interest.

do not compare an offer with no closing costs to one with closing costs. Comparing two offers that both offer no closing costs makes sense.