Looking For Online Mortgage Calculator To Compare Costs

3 Replies

Hello,

I am looking for a specific type of online mortgage calculator - I am looking for one that can compare the costs between 2 different mortgages. To explain, I have been provided numbers on a 30 year fixed mortgage between 2 different lenders; one has a lower rate and higher fees, and the other is a higher rate and lower fees. I recall seeing a calculator where you could enter the numbers and it would then tell you how long you would need to keep the house until the lower rate / higher fee mortgage would make more sense.

If anyone knows where to find this calculator, I would surely appreciate it.

Thanks in advance!

Found this man. Up to 3 loans to compare. https://www.bankrate.com/calculators/home-equity/compare-loans-calculator.aspx

Thank you for the link to the bankrate.com calculator. Unfortunately I had tried that same one before posting my question. The problem is that calculator does not provide a number that says you need to be in your home x number of years before the loan with the higher origination fees will make sense over time... it only provides APR. I'm sure there is a correct term for what I'm trying to explain.

Originally posted by @Gil Happy :

Hello,

I am looking for a specific type of online mortgage calculator - I am looking for one that can compare the costs between 2 different mortgages. To explain, I have been provided numbers on a 30 year fixed mortgage between 2 different lenders; one has a lower rate and higher fees, and the other is a higher rate and lower fees. I recall seeing a calculator where you could enter the numbers and it would then tell you how long you would need to keep the house until the lower rate / higher fee mortgage would make more sense.

If anyone knows where to find this calculator, I would surely appreciate it.

Thanks in advance!

 You can swap fees for rate and rate for fees with any lender. They can both probably offer you essentially the same deal. One sensed that you were more rate-sensitive and showed you a lower rate scenario, the other sensed that you were more fee-sensitive and showed you a lower fees scenario.

Chris Mason, Lender in CA (#1220177) and California (#1220177)
415-846-9211

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