It's important to take into consideration interest charges and fees, closing and settlement costs, and the loan principal when calculating which loan will be the best fit for you.
Compare Two Mortgage Loans
Compare Two Mortgage Loans
Closing Costs |
Loan Amount |
Monthly Payment |
|---|---|---|
| $ 4,000 | $ 250,000 | $ 1,179 |
Closing Costs |
Loan Amount |
Monthly Payment |
|---|---|---|
| $ 4,000 | $ 250,000 | $ 1,326 |
Loan Two will cost you $53,150 more over the term of the loan than Loan One.
| Cost Category | First Loan | Second Loan |
|---|---|---|
| Total Interest | $ 174,501.58 | $ 227,652.52 |
| Total Closing Costs | $ 4,000.00 | $ 4,000.00 |
| Total Principal | $ 250,000.00 | $ 250,000.00 |
| Total Cost of Loan | $ 428,501.57 | $ 481,652.52 |
