Loan Comparison
Compare two fixed-rate loan scenarios, including monthly payments, total interest, total cost, closing costs, and a simple closing-cost recovery estimate.
Instructions
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Explanations
This calculator compares two fixed-rate loan scenarios. For each loan, enter its current or proposed balance, annual interest rate, term, and—if known—monthly principal-and-interest payment.
If the payment is blank or zero, the calculator determines the standard level payment for the entered balance, rate, and term. If you provide a payment, it estimates how long that payment takes to repay the balance.
Loan B closing costs are added to Loan B’s total cost. When Loan B has a lower monthly payment, the calculator also shows a simple recovery period: closing costs divided by monthly payment savings.
The old version described after-tax compounded savings and compounded closing-cost investment returns. Those calculations are intentionally deferred because the original calculation engine is missing and its assumptions cannot be verified.