Mortgage Comparison Calculator Enter your loan amount, interest rate, loan term and repayment start date to compare different mortgage options. Loan Amount: Interest Rate (% p.a.): Loan Term (years): Repayment Start Date: Total Amount Payable: function calculate() { var amount = Number(document.getElementsByName('amount')[0].value); var interestRate = Number(document.getElementsByName('interestRate')[0].value); var loanTerm = Number(document.getElementsByName('loanTerm')[0].value); var repaymentStartDate = new Date(document.getElementsByName('repaymentStartDate')[0].value); var totalInterestPaid = (interestRate * loanTerm * amount) / 100; var totalAmountPayable = amount + totalInterestPaid; document.getElementById('amountPayable').innerHTML = "$" + totalAmountPayable; } Identifying the Best Mortgage Options Using Comparison Calculators Purchasing a home is a significant financial commitment that requires taking a closer look at various mortgage options. Many of us are looking for the lowest possible interest rate to get the most from our payments. To achieve this goal, savvy home buyers should use mortgage comparison calculators to identify the best option. Mortgage comparison calculators are online tools that help you sift through available mortgage offers. Essentially, they help you compare several loan offers side by side so that you can select one with the lowest interest rate and the best terms. Many calculators allow you to enter information like home price, down payment amount, term length, and loan amount to provide a one-stop shop for comparing mortgage offerings. Additionally, mortgage comparison calculators might include an APR calculator, which is useful in determining the actual cost of a given loan. As we all know, lenders usually express their mortgage interest rates as annual percentage rates (APR). The APR rate not only includes your interest rate, but also factors in any associated fees. This makes it possible to compare apples to apples when considering offers with different terms and conditions. Along with APR calculators, most mortgage comparison calculators feature interactive charts that quickly show how much interest and loan payments may total over the course of a loan. This helps put all the different loan offers into perspective when choosing the best one. Additionally, some calculators even help calculate costs like property taxes and mortgage insurance, which may be instruments of the loan offer. First-time homebuyers and Veterans alike can make use of mortgage comparison calculators. In fact, search engines like Google offer detailed tutorials on how to use them. With a calculator, home buyers can weigh the pros and cons of different loan deals to pinpoint the best offer for their circumstances. This makes it easier for consumers to get the loan offer that fits their budget and lifestyle best. By using a mortgage comparison calculator, you can take much of the guesswork out of seeking the best mortgage offers. Many online calculators provide detailed results in an easy to understand format, so they’re great for identifying the best loan package to meet your needs. And they’re also available anytime, day or night. Just make sure to note any fine print associated with a given loan offer before making a final decision. Conclusion The bottom line is that mortgage comparison calculators are helpful in finding the best loan offer for your circumstances. Before making a final decision, it’s important to understand all associated costs of the loan including fees, closing costs and other expenses. With the right guidance and support, you’ll find the right loan to finance your home purchase.