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Mortgage Cost Comparison Calculator - For Adjustable or Fixed Rate - Compare Total Cost, Monthly Payments, and Interest Expense

Deciding on the right mortgage for you can be a tough decision. You are often presented with various options; loans with PMI, variable interest rates, buying points to lower interest rates, higher down payments in exchange for lower interest rates, and more. How do you decide which mortgage is best for you?

Using our calculators below, you can compare the total costs and monthly payments of two different fixed rate or adjustable rate mortgages.

These calculators helps show the real total costs of different mortgages side by side, to help find the best mortgage for you.

  • What mortgage is best for you?
  • How much will paying a 1% higher interest rate on a mortgage cost you over time?
  • How much will you save by putting an extra $10,000 down on a house?
  • How much can you save by eliminating PMI?
  • How much could that adjustable mortgage end up costing you each month?

 

Here you can find out the answer to these questions and more:

We have 2 calculators below, one for fixed cost mortgages and one for adjustable rate mortgages (ARM):

Fixed Rate Mortgage Cost Comparison Calculator

 

Adjustable Rate Mortgage Cost Comparison Calculator

 

Using the Mortgage Cost Comparison Calculator

For example, young doctors and physicians often have the desire to buy a house, but limited savings. They are often offered "Doctor mortgages" or "Physician mortgages" that require little to no down payment, come with no PMI, but have higher interest rates. Are these mortgages a better choice for young doctors, or is a conventional mortgage better?

To help find out, the calculator below is pre-filled in with the following scenario:

A doctor has the choice of a low down payment/no PMI mortgage (Mortgage #1) that comes with a higher interest rate, or a more conventional mortgage that will have PMI payments for the first 5 years (Mortgage #2), but a lower interest rate. Which is best over the long term?

You can see for our doctor that the mortgage with a lower interest rate has a total cost of about $13,000 less, even though the monthly payments will be higher for the first 5 years while paying PMI.

The mortgage calculator above is interactive - You can enter your own information in the grey boxes in the calculator above to help with your mortgage decision.

 

Find this useful? Try a couple other of our interactive calculators:

Compound Interest Calculator - How much will your investments grow over time?

Expense Ratio Calculator - How much will those investment fees hurt you?

Student Loan Forbearance Calculator - What is the total cost of putting your student loans in forbearance?

 

Important Note: This calculator is used for informational purposes only and should not solely be relied upon to make your decision. There are many other factors that go into deciding on the best mortgage option for you besides the variables covered here.

Matt Hylland