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Mortgage Loan Expense Comparison Calculator
(presented by www.refinance-refinance.net - mortgage lenders)



By Ben Afzal

Loan Factors

Here are some basic mortgage loan expenses:

Loan Amount

Comparing offers from different lenders is straight forward. The first factor to compare is loan size - make sure you are comparing loan offers for the same size loan.
A change in the loan size may affect the interest rate offered and will certainly affect your monthly payment.

Interest Rate

This is a basic factor to compare. There is usually an APR (annual percentage rate) figure offered wtih this.

Loan Length

Loans can be for many different lengths - 15, 30, 40, 45 or 50 years are some of the loans that are offered now.

A term with a longer loan term has a smaller payment. A 15 year mortgage has a much higher monthly payment than a 30 year mortgage. A 50 year mortgage has a smaller monthly payment than a similar 30 year mortgage.

Monthly Payment

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When comparing the monthly mortgage payment make sure you are comparing the same things. Some mortgage estimates may include your monthly property tax expenses that are paid, while other estimates may involve only the loan payment itself. Don’t compare a monthly payment that is just the monthly financial payment with another offer that includes the financial payment plus the property taxes.

Closing Costs

Lenders can offer loans with either no closing costs or regular closing costs. A no closing cost option generally has a higher interest rate.

Don’t compare an offer with no closing costs to one with closing costs. Comparing two offers that both offer no closing costs makes sense.

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This entry was posted on Wednesday, October 4th, 2006 at 2:13 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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