You might have several mortgages as options to choose from. How will you find out the most profitable one? You can’t solely rely on their realized values or monthly payments to make a choice of the best alternative. This financial calculator will take on this challenge and effortlessly inform you the best mortgage plan.
- Mortgage amount
- The value of this mortgage in dollar. The mortgage compare payments requires couple amounts to be entered.
- Interest rate
- Rate of interest applicable on this mortgage.
- Mortgage amortization
- The duration of this mortgage. The time it will take to fully payoff the loan; calculated in terms of years.
- The amount of costs and charges including prepaid interest. These fees are used for the calculation of Annual Percentage Rate.
- Annual percentage rate (APR)
- Annual Percentage Rate translates various fees and charges of different mortgages into a single and standard rate. So, you can gauge and compare whatever number of mortgage options you have with the same standard. No matter if there are higher rates but lower fees or lower rates but higher fees, they will be integrated in common measurements.
- Payment type
- This is the frequency of payments to completely repay the mortgage loan. You will have six type of options to choose from. These are: weekly (52 payments), bi-weekly (26 payments), accelerated weekly (assuming 4 weeks in a month but 1 additional payments in year), accelerated bi-weekly (assuming 26 bi-weekly payments and 1 additional monthly equivalent payment), semi-monthly (6 payments), and monthly (12 payments).
- Equivalent monthly payment
- The amount of payment that is monthly paid in total. This will convert your any kind of payments into monthly payments considering your chosen payment type.
- Mortgage payment
- The total amount of principal and interest paid on this mortgage. These periodic amounts are assumed to be compounded semi annually.