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 handy tool designed to help you evaluate different mortgage options. By comparing up to three loans side by side, you can see how factors like interest rates, loan terms, and payments change your Financial picture. This way, you can make an informed decision that fits your needs and budget.

Key Features to Help You Decide

This calculator offers various features to assist you in making the best choice. You can enter details about your home, down payment, and property taxes, then explore multiple mortgage types. Here are some key features:

Detailed breakdown of monthly payments.
Comparison of total interest paid across loans.
Option to include private mortgage insurance (PMI) and Other costs.

Easy Input for Personalised Results

Inputting your details is straightforward. You'll provide information like home price, down payment, and loan terms. The calculator automatically updates to show you how changes impact your monthly payment and total costs. This means you can quickly try out different scenarios without hassle.

Compare Different Mortgage Types

With this calculator, you can look at various types of mortgages. Whether you’re considering fixed-rate or adjustable-rate mortgages, you can see how each option affects your finances. Comparing loans helps you understand the pros and cons of each type, leading to a better choice for your future.

Monthly Payments Breakdown

Another great feature is the ability to view a detailed breakdown of monthly payments. You can see how much goes towards principal, interest, taxes, and insurance. This transparency helps you understand where your money is going each month:

Principal: The portion of your payment that pays down the loan.
Interest: The cost of borrowing money.
Taxes and Insurance: Often included in monthly payments and can vary significantly.

Calculate Total Costs Over Time

The Mortgage Comparison Calculator also helps you understand the total costs of each mortgage over its lifespan. You can evaluate the total interest paid and any additional costs, like PMI and closing fees. This gives you a clearer picture of how much each mortgage will ultimately cost you.

Visual Insights to Aid Decision Making

For those who love visual data, this calculator offers charts that illustrate your payment breakdown and total costs. Visual comparisons make it easier to grasp complex information quickly, helping you to spot the best mortgage option at a glance.

Conclusion: Your Path to Smart Mortgage Choices

The Mortgage Comparison Calculator is an invaluable resource for anyone looking to secure a mortgage. By utilising its features, you can make an informed choice, ensuring the mortgage you select aligns with your financial goals and lifestyle. Take the time to explore your options and find the mortgage that works best for you.

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