Use this calculator to make a side-by-side, net cost comparison of up to 8 different loan or scenario options.
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DOWN PAYMENT AND LOAN AMOUNTS
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Total Loan to Value Ratio Needed =
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Here, you can structure each option as a single or combined 1st and 2nd loan amounts to equal the loan to value ratio needed as indicated above:
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1st Mortgage Loan to Value
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2nd Mortgage Loan to Value
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Total Loan to Value or CLTV
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Total Base Loan Amount(s)
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1st LOAN TERMS & MI/PMI
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1st Mortgage Loan Amount
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1st Mortgage Loan Amount w/Financed Fees
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Interest Rate
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Discount Points
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Interest Only
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Loan Term in Years
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Principal and Interest Payments
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Enter Proposed Mortgage Insurance Factors, VA Funding Fee or USDA Rural Housing Program Fee if Applicable:
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Monthly Mortgage Insurance Factor
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Monthly MI or PMI Cost
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Upfront MI/SP-PMI, VA or USDA Fee
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Cost of Upfront MI or Single Premium PMI
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Add Upfront or or SP PMI to Loan Amount
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Years of Continuance for MI/PMI
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Total MI/PMI Paid over Years Selected
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Total Mo. Payments with MI/PMI
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2ND LOAN TERMS
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Loan Amount
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Combined Loan to Value Ratios equals
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Current and Proposed Interest Rates
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Discount Points if any
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Current and Proposed Loan Terms
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Click box if Interest Only
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Total Monthly Payments 2nd Loan
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Total Mo. Payments - 1st, 2nd & MI
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Weighted Average Interest Rate
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MONTHLY EXPENSES
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Annual Insurance
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Monthly Insurance
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Monthly Taxes
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Monthly Fee
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Other Monthly Cost
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Total Monthly Expenses
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Grand Total Monthly Payments
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CLOSING COSTS for 1ST LOAN
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Cost of Discount Points
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Cost of Upfront MI or Single Premium PMI
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Closing Costs 1st Loan =
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Total Costs as % of the New Loan Amount
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Lender Credit
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Total Closing Costs for 1st Loan
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CLOSING COSTS for 2ND LOAN
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Cost of Discount Points
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Closing Costs 2nd Loan =
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Total Costs as % of the New Loan Amount
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Lender Credit
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Total Closing Costs for 2nd Loan
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Grand Total Closing Costs
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CASH TO CLOSE
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Down Payment
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Grand Total Closing Costs
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Less Financed MI/PMI, Funding or USDA Fee
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Total Cash to Close
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ANNUAL PERCENTAGE RATE
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APR is the total cost of the loan expressed as an interest rate. It is NOT the actual interest rate that you pay.
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Total Approximate Closing Costs
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Total Cost of MI/PMI
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Total Cost Used for APR Calculation
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1st Loan Annual Percentage Rate / APR =
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ANNUAL PERCENTAGE RATE FOR 2ND LOAN
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Total Approximate Closing Costs
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Total Cost Used for APR Calculation
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1st Loan Annual Percentage Rate / APR =
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QUALIFICATION
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Borrower's Income and Debt Qualification Ratios:
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Borrowers Total Monthly Debts
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Income Ratio
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Debt Ratio
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Cash to Close and Assets Available:
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Cash Reserves Required and Available:
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Cash Reserve Amount Required
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Over/Under
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NET LOAN COST COMPARISON
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Principal Paid 1st
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Interest Paid 1st
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Cost of Monthly MI/PMI
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Total Closing Costs for 1st Loan
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Total Payments and Costs for 1st
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Principal Paid 2nd
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Total Interest Paid 2nd
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Total Closing Costs for 2nd Loan
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Total Payments and Costs for 2nd
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Grand Total Payments and Costs
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Total Principal Paid 1st & 2nd
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Tax Deduction on Interest Paid
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Tax Deduction on Points Paid
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Total Net Loan Cost
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This loan comparison calculator can be used in many ways. The primary benefit is to compare various loan options side by side so you can see clearly the payment,
principal and cost differentials not only as they appear on the surface but,also over the specific time period that you expect to own your home or have your loan before sale or refinance.
If you have any questions or would like to go through this together, please reach out.
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