Purchase Compare

Mike Fox, Mortgage Agent, Level 2 at BRX Mortgage.

Starting figures are examples, marked Example beside each field. Replace them with your own for a result about you.

$
$
$
$
Mortgage Insurance$29,800.00
Mortgage Amount$774,800.00
%

Assumed: interest compounds twice a year, the usual for a fixed rate. Your lender's terms decide, so change it if they say otherwise.

Mortgage Payment$4,071.41
Pre-Payments
$
$
$

No prepayment entered.

$
Mortgage Insurance$22,320.00
Mortgage Amount$742,320.00
%

Assumed: interest compounds twice a year, the usual for a fixed rate. Your lender's terms decide, so change it if they say otherwise.

Mortgage Payment$3,900.73
Pre-Payments
$
$
$

No prepayment entered.

$
Mortgage Insurance$19,040.00
Mortgage Amount$699,040.00
%

Assumed: interest compounds twice a year, the usual for a fixed rate. Your lender's terms decide, so change it if they say otherwise.

Mortgage Payment$3,673.30
Pre-Payments
$
$
$

No prepayment entered.

$
$
$
★Option 1
Interest over 5 years
$143,860.52
baseline
Principal over 5 years
$100,423.80
baseline
Payments over 5 years
$244,284.33
baseline
Balance after 5 years
$674,376.20
baseline
Effective Amortization
25 yr
baseline
☆Option 2
Interest over 5 years
$137,829.82
▼ $6,030.70
Principal over 5 years
$96,213.99
▼ $4,209.82
Payments over 5 years
$234,043.81
▼ $10,240.52
Balance after 5 years
$646,106.01
▼ $28,270.18
Effective Amortization
25 yr
same as baseline
☆Option 3
Interest over 5 years
$129,793.83
▼ $14,066.69
Principal over 5 years
$90,604.36
▼ $9,819.45
Payments over 5 years
$220,398.19
▼ $23,886.14
Balance after 5 years
$608,435.64
▼ $65,940.55
Effective Amortization
25 yr
same as baseline
Interest over 5 years
$143,861Option 1$137,830Option 2$129,794Option 3

Disclaimer: This calculator is for illustrative purposes only and should not be relied upon for financial planning. Insurance, tax, and qualifying rules vary and change. Confirm the final numbers with your lawyer and lender before you close.