Mortgage Comparison Calculator

Your house is a financial investment. If you have a mortgage, you probably want to pay it off as soon as possible to save money on interest while maintaining your quality of life. Use our mortgage comparison calculator to evaluate two mortgages and select the best mortgage for your needs. There is complete access to double-up payments, lump amount payments, unique payments, custom payments, skips, and percentage increases.

Mortgage Comparison

- Instructions

• Fill up the blanks with values.
• Choose from the drop-down list when it is available.
• You can change the regular payment by entering a Custom Payment in the field given.
• On the Mortgage Table page, you can enter a one-time payment.
• To view the calculator's results, go to the Report tab.

Mortgage Details

• Country Select the country in which the mortgage will be borrowed.
• Mortgage Amount Enter the initial or current mortgage balance here.
• Type of Interest Rate Choose the type of interest rate for your mortgage.
• Rate of Interest Input the lender's stated yearly interest rate.
• Amortization Enter the number of years it will take to pay off the mortgage.
• Yearly Payments Select the frequency with which you will make mortgage payments.
• Term Enter the number of years remaining on the existing mortgage term.
• Payment This is the recurring payment amount determined by the variables selected.
• Customized Payment You can change the regular payment amount by typing it in this box. Enter ZERO to return to the default payment.

Repayment Options

• Skip a Yearly Payment Enter the number of missed payments each year.
• Increase Payment Amount Enter the amount of each double-up payment that will be made. Enter "MAX" to fully double these payments automatically.
• Annual Double-Ups Enter the total number of double-up payments made each year.
• Amount of the One-Time Payment Enter the amount of the annual lump sum payment that will be made every year.
• Increase in Annual Percentage Enter the percentage by which the regular payment will be increased each year.
• One-of-a-kind Payment Enter the amount of each unique payment that will be made only in the selected year.

Assumptions

• Fixed rates in Canada are compounded semi-annually, while all other rates in the United States and Canada are compounded at the payment frequency.
• All estimates assume that the year is divided equally by the number of payments made per year.
• The first payment(s) of the year receive a double up payment(s).
• Skips are applied to the year's final payment(s).
• Lump sum payments and one-time payments are applied to the year's final balance.
• All results are derived based on the input variables provided by the user and acceptable assumptions. Finanseva.com makes no express or implied warranty on the information or results obtained from this or any other calculator. Finanseva.com shall not be held liable for any losses or damages incurred as a result of any mistakes or omissions in any information or results, or any action or decision taken by users in reliance on any information or results. For more information, please see the Instructions & Assumptions.