Use this calculator to make a side-by-side, net cost comparison of up to 8 different loan or scenario options.
DOWN PAYMENT AND LOAN AMOUNTS
Total Loan to Value Ratio Needed =
Here, you can structure each option as a single or combined 1st and 2nd loan amounts to equal the loan to value ratio needed as indicated above:
1st Mortgage Loan to Value
2nd Mortgage Loan to Value
Total Loan to Value or CLTV
Total Base Loan Amount(s)
1st LOAN TERMS & MI/PMI
1st Mortgage Loan Amount
1st Mortgage Loan Amount w/Financed Fees
Interest Rate
Discount Points
Interest Only
Loan Term in Years
Principal and Interest Payments
Enter Proposed Mortgage Insurance Factors, VA Funding Fee or USDA Rural Housing Program Fee if Applicable:
Monthly Mortgage Insurance Factor
Monthly MI or PMI Cost
Upfront MI/SP-PMI, VA or USDA Fee
Cost of Upfront MI or Single Premium PMI
Add Upfront or or SP PMI to Loan Amount
Years of Continuance for MI/PMI
Total MI/PMI Paid over Years Selected
Total Mo. Payments with MI/PMI
2ND LOAN TERMS
Loan Amount
Combined Loan to Value Ratios equals
Current and Proposed Interest Rates
Discount Points if any
Current and Proposed Loan Terms
Click box if Interest Only
Total Monthly Payments 2nd Loan
Total Mo. Payments - 1st, 2nd & MI
Weighted Average Interest Rate
MONTHLY EXPENSES
Monthly Insurance
Monthly Taxes
Monthly Fee
Other Monthly Cost
Total Monthly Expenses
Grand Total Monthly Payments
CLOSING COSTS for 1ST LOAN
Cost of Discount Points
Cost of Upfront MI or Single Premium PMI
Closing Costs 1st Loan =
Total Costs as % of the New Loan Amount
Lender Credit
Total Closing Costs for 1st Loan
CLOSING COSTS for 2ND LOAN
Cost of Discount Points
Closing Costs 2nd Loan =
Total Costs as % of the New Loan Amount
Lender Credit
Total Closing Costs for 2nd Loan
Grand Total Closing Costs
CASH TO CLOSE
Down Payment
Grand Total Closing Costs
Less Financed MI/PMI, Funding or USDA Fee
Total Cash to Close
+
ANNUAL PERCENTAGE RATE
APR is the total cost of the loan expressed as an interest rate. It is NOT the actual interest rate that you pay.
Total Approximate Closing Costs
Total Cost of MI/PMI
Total Cost Used for APR Calculation
1st Loan Annual Percentage Rate / APR =
ANNUAL PERCENTAGE RATE FOR 2ND LOAN
Total Approximate Closing Costs
Total Cost Used for APR Calculation
1st Loan Annual Percentage Rate / APR =
QUALIFICATION
Borrower's Income and Debt Qualification Ratios:
Borrowers Total Monthly Debts
Income Ratio
Debt Ratio
Cash to Close and Assets Available:
Cash Reserves Required and Available:
Cash Reserve Amount Required
Over/Under
NET LOAN COST COMPARISON
Principal Paid 1st
Interest Paid 1st
Cost of Monthly MI/PMI
Total Closing Costs for 1st Loan
Total Payments and Costs for 1st
Principal Paid 2nd
Total Interest Paid 2nd
Total Closing Costs for 2nd Loan
Total Payments and Costs for 2nd
Grand Total Payments and Costs
Total Principal Paid 1st & 2nd
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Tax Deduction on Interest Paid
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Tax Deduction on Points Paid
-
Total Net Loan Cost
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This loan comparison calculator can be used in many ways. The primary benefit is to compare various loan options side by side so you can see clearly the payment,
principal and cost differentials not only as they appear on the surface but,also over the specific time period that you expect to own your home or have your loan before sale or refinance.
If you have any questions or would like to go through this together, please reach out.