This Calculator is intended to Compare two loan options.

In the calculator you will see the "Better Option" for the initial monthly payment and a "Better Option" over the selected number of months till an expected payoff/change/refinance of the loan.  . 

As you change the number of months till payoff, the "Better Option" may change.  Depending on your plans or goal, this information should assist you in choosing the Best Loan to achieve your plans or goals.   

The accuracy of your input or changes to the shaded cells is very important.  It is also important, when comparing loans that the same amount of cash at closing is required.   Not doing this would create an APPLES to ORANGES comparison.  As indicated in the notes you may have to adjust the Down Payment or Closing Costs to create an APPLES to APPLES comparison.   These adjustments are only for you to compare options accurately.   Based upon your results you can always adjust your cash at closing to take advantage of the loan option that best meets your individual needs.  This could be the Lowest cash at closing, the lowest initial monthly payment or the lowest cash after the number of months your select.    

Notes regarding those fields are:

  • Assumed Rate of Interest - FHA and VA loans will generally have lower rates than Loan Programs.  Besides being affected by the loan type, your Rate of Interest will be affected by your Credit Profile (Credit Scores).

  • Monthly PMI/MIP Factors -  Presently only Conventional & FHA loans have monthly PMI/MIP payments. 

  • Percentage Upfront Financed Cost - Presently FHA, VA and USDA loans all require an Upfront PMI/MIP that is financed into your loan.  There is an option to have a One Time PMI payment for Conventional loans. 

  • Down Payment Percentage -  Each loan type has its own down payment requirement. 

  • Closing Costs - As stated above for an APPLES to APPLES comparison, the cost should be the same for both options.  For this reason you can just enter the difference between the two loan options you are considering. 

  • Cancel Monthly PMI/MIP at - On FHA and Conventional Loans this will be 78%.   VA loans do not have a Monthly Premium.   USDA loans at this time do not have a Monthly Premium, however in the near future there will be a .30% Premium that will be collected for the life of the loan.  When that takes effect this field should be changed to .00%. 

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