Mortgage Comparison Calculator
video walkthrough
Insights
It looks like your goal is to
(Edit strategy)
is probably the best option, but it depends on how long you keep the loan.
is best if you know you won't cash out (sell or cash-out refinance) in the first 13 years, 2 months
is best if you think you may cash out (sell or cash-out refinance) in the next 13 years, 2 months
This assumes 8% annual return on outside investments
You can adjust this assumption
here
Loan Comparisons
Time:
- Loan 1
- Loan 2
(Vertical lines mark loan payoff dates)
This is how your money ($135,000 upfront + $1,852 each month) will grow your net worth (more details)
Your investment strategy: All savings are invested in the market and earn an annual return of 8% each year
Edit investment strategyThese lines are the sum of: (principal paid) + (outside investments)
Time:
(Vertical lines mark loan payoff dates)
This graph shows how leftover money from your budget will grow when invested with an annual return rate of 8%.
Time:
(Vertical lines mark loan payoff dates)
This graph shows how your loan will get paid off, and grow your home equity.
Note that this is not a prediction of the total amount of equity you will have in your home. Rather, this shows how your budget will be used to pay down your loan. You may build additional home equity in the form of appreciation. However, appreciation is not factored in here, because it is not affected by the loan you choose.
Loan Payoff Timelines:
Loan 1: 30 years
Loan 2: 30 years
Time:
(Vertical lines mark loan payoff dates)
This graph shows the total amount you will have paid in interest and fees.
CSV Download
If you would like to do further analysis (e.g. adjust for tax savings), you can download the graph data for each of the loans as a csv file, and play with the data in your favorite spreadsheet program!
About
My name is Chris Talley, and I'm a software engineer with a passion for personal finance. Disappointed with the lack of rigor in the financial analysis tools that are available online, I often find myself putting together complicated spreadsheets in order to answer important financial questions. I created the Rational Riches website to help others gain a rigorous understanding of their most important financial decisions.
🚨 I am not an accountant or financial advisor 🚨All information provided here should be verified and vetted by you, your family, and your financial counsel.
Thank you for visiting Rational Riches. Feel free to contact me if you have any problems, questions, or requests about this project.