Compare mortgages before you buy

Are you thinking of buying a home but can't decide which type of mortgage is best for you? Before you decide on a loan, it's important that you compare mortgage payments and other monthly costs to determine how each type of loan will affect you financially. Use the Compare Mortgage Loans Calculator to compare rates, costs, and other factors—including potential tax deductions—for up to three different loans.

Results

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Loan #1: Details
Term, in years:	10
Interest rate:	6.50%
Monthly payment (principal and interest):	$2,725
Total monthly costs*:	$2,958
In year one, this loan will cut your income tax by	$4,270
Loan #2: Details
Term, in years:	15
Interest rate:	6.25%
Monthly payment (principal and interest):	$2,058
Total monthly costs*:	$2,291
In year one, this loan will cut your income tax by	$4,179
Loan #3: Details
Term, in years:	30
Interest rate:	6.00%
Monthly payment (principal and interest):	$1,439
Total monthly costs*:	$1,672
In year one, this loan will cut your income tax by	$4,080
* Total monthly costs consist of the monthly payment shown plus 1/12th of the annual property tax and insurance. It also includes monthly homeowner's dues and monthly PMI, if applicable. Currently PMI is deductible for tax purposes. Tax savings include the deductions for interest expense, real estate taxes, and PMI.

Results are computed using a standard future-value calculation and your investments' nominal rate of return, rather than annual percentage yield (APY). Banks are required to advertise APY, which allows direct comparisons between accounts using different compounding schedules. This calculator assumes monthly compounding. Taxes are accrued monthly and paid at the end of each year.