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Loan Comparison Calculator

Determining which loan provides you with the best value involves more than simply comparing monthly payments. Use this calculator to sort through the monthly payments, fees and other costs associated with getting a new loan. By comparing these important variables 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

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MSG_LOANBEST_LOAN_BY_APR provides the lowest Annual Percentage Rate at BEST_LOAN_APR. The lowest monthly payment is provided by MSG_LOANBEST_LOAN_BY_PAYMENT at BEST_LOAN_PAYMENT per month.

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Results Summary
&NBSP;	MSG_LOAN1	MSG_LOAN2	MSG_LOAN3
Loan amount	LOAN_AMOUNT0	LOAN_AMOUNT1	LOAN_AMOUNT2
Loan term	LOAN_TERM0	LOAN_TERM1	LOAN_TERM2
Monthly loan payment	MONTHLY_LOAN_PAYMENT0	MONTHLY_LOAN_PAYMENT1	MONTHLY_LOAN_PAYMENT2
Annual percentage rate (APR)	ANNUAL_PERCENTAGE_RATE0	ANNUAL_PERCENTAGE_RATE1	ANNUAL_PERCENTAGE_RATE2

Your input values
&NBSP;	MSG_LOAN1	MSG_LOAN2	MSG_LOAN3
Loan amount	LOAN_AMOUNT0	LOAN_AMOUNT1	LOAN_AMOUNT2
Interest rate	INTEREST_RATE0	INTEREST_RATE1	INTEREST_RATE2
Loan term	LOAN_TERM0	LOAN_TERM1	LOAN_TERM2
Amortization	AMORTIZATION0	AMORTIZATION1	AMORTIZATION2
Origination fee	ORIGINATION_FEE0	ORIGINATION_FEE1	ORIGINATION_FEE2
Commitment fee	COMMITMENT_FEE0	COMMITMENT_FEE1	COMMITMENT_FEE2
Other fees	OTHER_FEES0	OTHER_FEES1	OTHER_FEES2
Other costs	OTHER_COSTS0	OTHER_COSTS1	OTHER_COSTS2
Total closing costs	CLOSING_COSTS0	CLOSING_COSTS1	CLOSING_COSTS2
Balloon payment	BALLOON_PAYMENT0	BALLOON_PAYMENT1	BALLOON_PAYMENT2

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Definitions

Loan amount: The total dollar amount for this loan.
Interest rate: The interest rate on this loan.
Loan term: The number of years over which you will repay this loan. 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 balance.
Amortization: The number of years used in calculating the monthly 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 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 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. 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 fees, rates or different terms.
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 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.)

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

North East Mortgage Group LLC Two Court Street Suite B Plymouth, MA 02360
Office: (508) 746-9640 Toll Free: (800) 930-9640 Fax: (508) 746-0733

We are licensed in the following states:
Massachusetts Mortgage Broker #MB3930
Connecticut First Mortgage Broker #16595 and Second Mortgage Broker #16596
Rhode Island Loan Broker #20051966LB
New Hampshire Banking Department #10758-MBR