To compare estimated mortgage costs, enter your expected mortgage amount. This is the amount that you will borrow after paying any down payment. Then, enter the interest rates for both loans. The interest rates will differ according to the number of years over which the loan is amortized. The calculator is designed to calculate only the repayments for a fixed mortgage, so if you are taking out an adjustable rate mortgage, the calculation may not be accurate. Once complete, click “calculate” to see the estimated monthly payment and the total cost of each loan.
Remember that there are other costs when purchasing a home. This calculator does not consider other expenses such as property taxes, rates, utility payments and homeowners association payments. Talk to your Herring Bank Mortgage Loan Officer for more information about which loan term makes the most sense for your financial situation.