When shopping for a mortgage, comparing offers from different lenders is crucial. A seemingly small difference in interest rates can result in savings or costs of tens of thousands over the life of your loan. This calculator helps you make an informed decision by comparing the true cost of different mortgage offers.
A difference of just 0.5% in interest rate on a €300,000 30-year mortgage could mean a difference of over €30,000 in total interest paid!
Interest Rate
The basic rate charged on your loan, expressed as a percentage
APR (Annual Percentage Rate)
The total yearly cost including interest rate and fees, giving you the true cost of the loan
Discount Points
Fees paid upfront to lower your interest rate (1 point = 1% of loan amount)
Closing Costs
Additional fees charged by the lender to process and close your loan
Compare APRs
APR is often more important than the base interest rate as it includes fees
Consider Total Costs
Look at both upfront costs and long-term interest payments
Evaluate Points vs. Rate
Determine if paying points for a lower rate makes financial sense
Gather Your Loan Offers
Before using this calculator, collect the following from each lender:
Enter Basic Loan Information
Input the following details:
Input Lender Offers
For each lender offer, enter:
Analyze the Results
The calculator will show you: