Determining which loan provides you with the best value involves more than simply comparing monthly payments. Use this calculator to sort through the monthly payments, fees and other costs associated with getting a new loan. By comparing these important variables side by side, this calculator can help you pick the loan that works best for you. Click on the "View Report" button to see the results in detail.
Compare payments for 15,20 and 30 year mortgages.
Compare payments for 15,20 and 30 year mortgages. Definitions
- Loan amount
- The total dollar amount for this loan.
- Interest rate
- The interest rate on this loan.
- Loan term
- The number of years over which you will repay this loan. The most common terms are 15 years and 30 years. If this loan has a 'balloon' payment, the loan term will be shorter than the number of years to amortize the loan. For example, a loan with a 5-year term amortized over 30 years will have the same monthly payment as a 30-year loan with the same interest rate. The difference is the 30-year loan will have equal payments for 30 years. The 5-year loan will have equal payments for 5 years and then a very large, or balloon, payment for the remaining balance.