When purchasing a home the mortgage you choose and the options you want with it will have a significant impact on how much your home costs you in the long run. Interest charges, origination fees, fees paid for a particular interest rate (formerly referred to as 'points') and settlement costs will often have the most impact. Of these, the interest rate you pay will matter most.
Compare Two Mortgage Loans
Compare Two Mortgage Loans
Closing Costs |
Loan Amount |
Monthly Payment |
|---|---|---|
| $ 4,000 | $ 250,000 | $ 1,684 |
Closing Costs |
Loan Amount |
Monthly Payment |
|---|---|---|
| $ 4,000 | $ 250,000 | $ 1,621 |
Loan One will cost you $22,608 more over the term of the loan than Loan Two.
| Cost Category | First Loan | Second Loan |
|---|---|---|
| Total Interest | $ 356,343.29 | $ 333,734.37 |
| Total Closing Costs | $ 4,000.00 | $ 4,000.00 |
| Total Principal | $ 250,000.00 | $ 250,000.00 |
| Total Cost of Loan | $ 610,343.29 | $ 587,734.37 |