Which Loan is Better?
To find the best loan package you might have to compare several lenders�offers in order to decide which is best for you. This calculator allows loan numbers to be displayed side-by-side for direct comparison so that you can zero in on the best deal.
To use the calculator, enter the following information for Loan 1 and Loan 2:
Input Information: Amount, Interest Rate, Length (in years), Points, Origination Fees and Closing Costs.
The calculator will compute the following information for Loan 1 and Loan 2:
Points Value
Origination Fees
Total Closing Costs
Amount Financed
Monthly Principal and Interest
Total Monthly Payments
Payment Savings (indicates the best deal)
The calculator can also produce a PDF output file for download, and you can click the check box to view the Schedule Table for the time frame selected. The Schedule Table fields include: Number (of payment month), Interest, Principal, and Balance. It also shows totals for every field after each year of the mortgage.
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