The right side can be used to calculate amount, rate, payment, or duration of loan. Press the button to calculate the desired result, once you have entered the other three. Enter Start up Fees to have the program calculate an APR.
Three mortgages can be entered on the right side. Pressing the Update Mortgage Comparison Chart button, yields a chart of effective interest rate vs. payment period. Depending upon Start Up Fees and rate, different mortgages will be cheaper for different time periods. In the example shown Mortgage 1 is the best deal for the first 50 months. Mortgage 2 is best for month 50 through 74, and Mortgage 3 is best for month 75 through 180. To pick the best mortgage for you, try to answer the question, "How long will I have this loan?" Will I move or refinance?
Use the applet for refinancing, by entering the data for your current mortgage (with start up fees set to zero) Enter the data for two mortgages you are considering. The month in which your mortgage is no longer the cheapest is the start of the pay back period.
Un-check the Show Lowest Cost (*) check box to have just comma separated values show in the text area.
© 2002 Roy Timpe Results believed to be accurate. Use at your own risk.