Free Loan Comparison Calculator
Understanding the Loan Comparison Calculator
As you considering purchasing a new home, not only will you be evaluating multiple properties, but you may also be considering multiple loan programs and products. As you work through comparing multiple loans, it can be useful to use a tool like the loan comparison calculator to help you evaluate different scenarios and the impact they’ll have on your monthly mortgage payment.
Below are a few questions that you’ll may want to consider as part of your decisions making process so you can be sure you’re fairly evaluating each loan scenario:
How much are you borrowing?
What are the interest rates on each loan? Do they change overtime or are they fixed?What’s the term (number of years you’ll be paying)? How does that impact the amount of interest you’ll be paying on your loan?
Is there a penalty if you pay the loan off early?
What happens if you miss a payment? Is there a late fee? How much?
What happens if you default?
As you work to select a loan program, make sure you discuss your goals and options with a mortgage banker. They can help you understand the different financing options available to you and will be able to present you with the most accurate loan comparison between different loan programs.
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