Mortgage Comparison Calculator
Which mortgage option makes the most sense?
It can be overwhelming to consider the array of options for your mortgage, including different home loan types, available interest rates, and discounts. Use the Mortgage Comparison calculator to easily compare up to three different mortgages to determine which works best for you.
Whether comparing Fixed Rate vs. ARM, 15 years vs. 30 years, varying interest rates, or how a discount rate might impact your mortgage; this calculator can show the difference in monthly payments, total interest paid, and discount points, if applicable.
Mortgage Comparison Calculator Key Factors
- Origination and Discount Points: Origination points are fees some lenders may charge for evaluating and processing a mortgage. Discount points usually translate to a lower mortgage interest rate, and one point generally equals 1% of the mortgage.
- Interest Rate: Depending on your credit and the mortgage provider, the interest rate, which is the interest portion of the loan, can vary.
- Mortgage Type: The two main types of mortgages, ARM and Fixed-Rate have some differences. Fixed-Rate mortgages have an interest rate that is fixed throughout the term of the loan. An ARM (Adjustable-Rate Mortgage) typically has an interest rate that periodically changes, usually on an annual basis.
Have questions about terms not covered? We have a glossary with more terms for you.
Our financial calculators are provided as a free service to our Members. The information these calculators supply is from various sources based on calculations we believe to be reliable (but are not guaranteed, explicit, or implied) regarding their accuracy or applicability to your specific circumstances. All examples are hypothetical and illustrative and do not intend to provide investment advice. TDECU does not accept any liability for loss or damage whatsoever, which may be attributable to the reliance on and use of the calculators. Use of any calculator constitutes acceptance of the terms of this agreement. TDECU recommends finding a qualified professional for advice about your personal finance issues.