# Compare Mortgages Calculator

Considering the different home loan types, available interest rates and discounts, there are an array of options for your mortgage. Use this calculator to easily compare up to three different mortgages to find out which one works best for you.

### Mortgage Information

### Loan 1

### Loan 2

### Loan 3

Loan Amount

Enter the loan amount for all three loans.

Mortgage Term

Enter the product term, in years, that you want to use for this loan.

Annual Interest Rate

Enter the annual interest rate that you want to use for this loan.

Discount Points

Discount points are a form of pre-paid interest that you can pay as a means of obtaining a lower mortgage interest rate. One point equals 1% of the loan amount. Enter the discount points for this loan.

### Compare Mortgages

Principal & Interest Payment

The principal and interest payment for each loan based on the term and rate. ARM loans are amortized using a 30 year term and will usually either convert to another loan type or have a balloon payment payment due.

Discount Points

Total discount points paid when the loan is orginated.

Mortgage Term

The duration of each loan. An ARM (Adjustable-Rate Mortgage) is a mortgage loan where the interest rate on the note is periodically adjusted based on a variety of indices. An ARM is amortized using a 30 year term and "life of the loan" is the ARM term. A 5 year ARM would have a term of 60 months (5 years).

Product Type

Product Type for each loan.

Interest Rate

Interest rate for each loan.

Discount Points per Month

This value is total discount points spread out over the term of the loan. If the loan is a 5 Year ARM then the discount points are divided by 60 months (5 years). Discount points are paid when you originate the loan. This amount is NOT added to your payment, it can be used to see how much the discount points cost each month over the life of the loan.

Total Interest Paid

This value is the total interest paid over the term of the loan. If the loan is a 5 Year ARM then the interest is totaled for 5 years.