Loan Comparison Calculator

Loan Comparison Calculator - With so many loan types to choose, finding the Best Loan can be daunting. Determining which loan provides you with the best value involves more than simply comparing monthly payments. Use this Home Loan Comparison calculator to compare loan rates, monthly payments, fees and other costs associated with getting a new loan. By comparing loans, rates and payments side by side, this calculator can help you pick the loan that works best for you. Click on the "View Report" button to see the results in detail.



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Loan Comparison Calculator - Definitions

Loan amount - Enter the total dollar amount for each loan into this Home Loan Comparison Calculator.
Interest rate - Enter the interest rate for each loan you wish to compare.
Loan term - The number of years over which you will repay loans. The most common terms are 15 years and 30 years. If this loan has a "balloon" payment, the loan term will be shorter than the number of years to amortize the loan. For example, a loan with a 5-year term amortized over 30 years will have the same monthly payment as a 30-year loan with the same interest rate. The difference is the 30-year loan will have equal payments for 30 years. The 5-year loan will have equal payments for 5 years and then a very large, or balloon, payment for the remaining loan balance.
Amortization - The number of years used in calculating the monthly loan payment. Loans that are amortized over a longer period than their loan term have a balloon payment. See "Loan term" for more information.
Origination fee - The dollar amount charged as a loan origination fee, which is included in the Annual Percentage Rate (APR) calculation. For many loans a 1% origination fee is common. For example: a 1% fee on a $120,000 loan would cost $1,200.
Commitment fee - An upfront fee included in the annual percentage rate APR calculation.
Other fees - Fees included in the APR calculation. These fees can vary by lender but, at a minimum, usually includes prepaid interest.
Other costs - Any other costs that should be included in the APR calculation.
Monthly loan payment - Monthly loan principal and interest payment (PI).
Annual percentage rate (APR) - A standard calculation used by lenders. It is designed to help borrowers compare different loan options - to determine the best loan. For example: a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate and very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different rates fees, or different terms to choose the best loan.

In additions, use this Enhanced Mortgage Loan Calculator with adjustable sliders to calculate monthly loan payments for various scenarios.

Balloon payment - This is the total final payment for all loans that are amortized over a period of time longer than the loan term. The balloon loan payment is total interest and principal balance due at the end of the loan term. (If the loan term is the same as the amortization, this amount is always zero.)

Borrowing: Calculatorplus.com provides comprehensive source of free finance and loan calculators including this Mortgage Loan Calculator to help you make the right decision getting a new loan. Whether you're interested in a new mortgage or refinancing an existing mortgage, this Mortgage Approval Calculator can help with your decision. Want to know how much taxes or insurance are included in your payment, use this free Mortgage Calculator with Taxes & Insurance.

Financing: Use this Credit Card Calculator to optimize your credit card debt in order to generate the greatest savings. If your are considering purchasing a new vehicle, this Auto Finance Calculator can help you work out your monthly payment.

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