Mortgage Comparison Calculator

Our Mortgage Comparison Calculator is designed to help you quickly and easily compare two different mortgage options, ensuring that you can make the best decision for your financial future. Here’s how to use it:

Enter the Loan Amount:

Start by entering the total loan amount you’re considering for both mortgage options. This amount will be used to calculate the monthly payments and total costs for each mortgage.

Set the Mortgage Term:

Enter the term of the mortgage in years. This is the length of time over which you plan to repay the loan. The same term will be applied to both mortgage options.

Specify the Fixed Rate Period:

Input the length of the fixed-rate period (in years) for each mortgage. This is the period during which the interest rate will remain the same, after which it may change if you’re on a variable rate.

Input the Interest Rates:

Enter the interest rates for both mortgage options. This will be used to calculate the monthly payments for each mortgage during the fixed-rate period.

Add Fees and Costs:

Include any additional costs associated with each mortgage, such as arrangement fees, valuation fees, and legal fees. These costs will be factored into the total cost calculation for each mortgage.

Review the Cashback and Other Benefits:

If your mortgage offers cashback or other financial incentives, enter those amounts. The calculator will adjust the total cost accordingly.

Compare the Results:

After entering all the details, click the “Calculate” button. The calculator will display the total cost of each mortgage over the fixed-rate period, allowing you to see which option is more cost-effective.

Make Your Decision:

The calculator will highlight which mortgage option is cheaper overall and by how much, helping you make a well-informed decision based on the complete picture of costs.

This tool is perfect for anyone who wants to carefully consider all the financial aspects of their mortgage options before making a commitment. Use it to compare your choices and find the mortgage that best fits your needs.