Mortgage Comparison Calculator

Your details

The principal amount borrowed for the first mortgage.
USD
Annual interest rate (APR) for the first mortgage.
%
Repayment period for the first loan.
Upfront closing costs and origination fees for loan 1.
USD
The principal amount borrowed for the second mortgage.
USD
Annual interest rate (APR) for the second mortgage.
%
Repayment period for the second loan.
Upfront closing costs and origination fees for loan 2.
USD
Add a third loan to the comparison.
Currency
Loan 1 Monthly Payment
$2,528.27

Monthly principal + interest for loan 1

Loan 1 Total Interest$510,178
Loan 1 Total Cost$918,178
Loan 2 Monthly Payment$2,398.20
Loan 2 Total Interest$463,353
Loan 2 Total Cost$873,353
Interest Savings (Loan 2 vs Loan 1)$46,825
Monthly Savings (Loan 2 vs Loan 1)$130.07
Break-Even (months)16months
Loan 1$1,430,884.18
Loan 2$1,339,103.71

Interest Savings (Loan 2 vs Loan 1): $46,825

  • Monthly Payment
  • Total Interest
  • Total Cost

Loan 1: $2528.27/mo | Loan 2: $2398.20/mo (Loan 2 saves $130.07/mo)

  • Loan 2 has the lower total cost by $44,825.
  • Loan 2 saves $46,825 in interest over its life compared with loan 1.
  • The extra closing costs on loan 2 are recovered after 16 months (2 years) of lower payments.

Next stepA lower monthly payment does not always mean lower total cost - check the total interest and break-even period before deciding, especially if you may sell or refinance within a few years.

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