Sponsored Links


Want a Mortgage Comparison But Can’t Find What You Need?

Are you thinking of buying a home and don’t have any idea what the interest, payments and best mortgage length is for you? I’ve bought several homes in my life but I never found a mortgage comparison that gave me the information that I wanted where, in the privacy of my own home, I could figure out what my mortgage from different lenders and for different terms was going to cost me.

Now, I’ve talked to lenders who will give you the information for home loan lengths that they offer but never the information for loan terms that their company doesn’t offer.  Actually, from their perspective, it makes perfect sense.  But, from your perspective, you may need the information to identify the best deal for you without the loan officers from the various companies you are talking to knowing that you are shopping around… At least not yet!

I have been able to easily find interest rate comparisons and down-payment comparisons type information since it is frequently part of the sales pitch of the different institutions. But, I don’t believe that I have ever seen a mortgage cost comparison based upon the length of the mortgage, for all of the mortgage terms which are available in my mortgage marketplace.  The thing that I would have liked to have had available to me is a something that will give me comparative information about:

  • Total Amount Paid Back per thousand borrowed.
  • Total Cost (i.e. interest to be paid) of The Mortgage per thousand borrowed.
  • Monthly Payment (Principle & Interest at current rates) for each of the current mortgage terms per thousand borrowed.

I have never been able to find something that would give the total cost of a mortgage for different terms at the current interest rate and what the P & I for the mortgage would be.  As a result, I’ve never had the opportunity to really easily select the best mortgage for me and my family.

How about you?

If that is something that you want then…

… Today You Are In Luck…

Because I’m going to give you some mortgage cost related information along that line.

I’ve sat down with my trusty computer, an Excel spread sheet and figured out the costs per thousand dollars USD for the major mortgage loan terms at whole interest rates of 1.0%  through 10%.

Right off the bat you probably will notice that the word down payment doesn’t appear anywhere in the table.  And, the reason is this: It doesn’t matter from the mortgage cost perspective.

Normally, the amount borrowed, your interest rate or just the fact that you can’t get a mortgage unless you meet the financing institution’s down payment requirements is the only effect of the down payment amount.

Ditto for Taxes…

Ditto for PMI (Private Mortgage Insurance)…

Ditto for Home Owner’s Insurance.

The Ditto List above and other periodic costs are things that while they do affect what you pay each month have little, if anything to do with the actual cost of your mortgage itself.  And, it may help immensely to know just how much you will pay, not just per month, but also over the life of the mortgage when selecting which term and sometimes which lender to choose based upon that information.

Having that information also strengthens your negotiating position too! One of the ways that mortgage lenders get you to pay more than you might need to pay elsewhere is by doing everything that they can to keep the borrower from knowing what’s really going on.

This table also does not take into account underwriting or other mortgage related fees.

Also, I accidentally made a column for a 28-year mortgage… I’ve never heard of one but it took so long to make the table, I’m not about to change it.

What I’m giving you is a way to compare your mortgage costs for different loan lengths (terms) of popularly available mortgages at various whole interest rates.  You can interpolate or “guesstimate” to get a somewhat accurate amount per thousand USD at your interest rate.  Then multiply by the thousands of dollars you will be borrowing to get the answer for your loan amount.  Just remember that when you interpolate or guesstimate, your numbers will be approximate… Not exact!

Note: Before you use the information from this table or this article, please review and agree to be bound by the disclaimer which follows:

Disclaimer:

Please note, your use of the table and suggested calculations is entirely at your own risk. Neither I nor any of my employees, partners, owners, directors or any other legal entity associated with this website is liable for any negative consequences or monetary losses of any kind arising from or associated with the use of any information contained or presented in this article.

 

Amount Borrowed

$1,000

Mortgage Length In Years

Rate=1.0%

10 15 20 25 27 28 29 30

Total Paid Back

$1,051

$1,077

$1,104

$1,131

$1,141

$1,147

$1,152

$1,158

Monthly Payment

$8.76

$5.98

$4.60

$3.77

$3.52

$3.41

$3.31

$3.22

Total Interest Paid

$51

$77

$104

$131

$141

$147

$152

$158

Rate=2.0%

10 15 20 25 27 28 29 30

Total Paid Back

$1,104

$1,158

$1,214

$1,272

$1,295

$1,307

$1,319

$1,331

Monthly Payment

$9.20

$6.44

$5.06

$4.24

$4.00

$3.89

$3.79

$3.70

Total Interest Paid

$104

$158

$214

$272

$295

$307

$319

$331

Rate=3.0%

10 15 20 25 27 28 29 30

Total Paid Back

$1,159

$1,243

$1,331

$1,423

$1,460

$1,479

$1,498

$1,518

Monthly Payment

$9.66

$6.91

$5.55

$4.74

$4.51

$4.40

$4.31

$4.22

Total Interest Paid

$159

$243

$331

$423

$460

$479

$498

$518

Rate=4.0%

10 15 20 25 27 28 29 30

Total Paid Back

$1,215

$1,331

$1,454

$1,584

$1,637

$1,664

$1,691

$1,719

Monthly Payment

$10.12

$7.40

$6.06

$5.28

$5.05

$4.95

$4.86

$4.77

Total Interest Paid

$215

$331

$454

$584

$637

$664

$691

$719

Rate=5.0%

10 15 20 25 27 28 29 30

Total Paid Back

$1,273

$1,423

$1,584

$1,754

$1,824

$1,860

$1,896

$1,933

Monthly Payment

$10.61

$7.91

$6.60

$5.85

$5.63

$5.54

$5.45

$5.37

Total Interest Paid

$273

$423

$584

$754

$824

$860

$896

$933

Rate=6.0%

10 15 20 25 27 28 29 30

Total Paid Back

$1,332

$1,519

$1,719

$1,933

$2,022

$2,067

$2,112

$2,158

Monthly Payment

$11.10

$8.44

$7.16

$6.44

$6.24

$6.15

$6.07

$6.00

Total Interest Paid

$332

$519

$719

$933

$1,022

$1,067

$1,112

$1,158

Rate=7.0%

10 15 20 25 27 28 29 30

Total Paid Back

$1,393

$1,618

$1,861

$2,120

$2,229

$2,283

$2,339

$2,395

Monthly Payment

$11.61

$8.99

$7.75

$7.07

$6.88

$6.80

$6.72

$6.65

Total Interest Paid

$393

$618

$861

$1,120

$1,229

$1,283

$1,339

$1,395

Rate=8.0%

10 15 20 25 27 28 29 30

Total Paid Back

$1,456

$1,720

$2,007

$2,315

$2,444

$2,509

$2,575

$2,642

Monthly Payment

$12.13

$9.56

$8.36

$7.72

$7.54

$7.47

$7.40

$7.34

Total Interest Paid

$456

$720

$1,007

$1,315

$1,444

$1,509

$1,575

$1,642

Rate=9.0%

10 15 20 25 27 28 29 30

Total Paid Back

$1,520

$1,826

$2,159

$2,518

$2,667

$2,743

$2,819

$2,897

Monthly Payment

$12.67

$10.14

$9.00

$8.39

$8.23

$8.16

$8.10

$8.05

Total Interest Paid

$520

$826

$1,159

$1,518

$1,667

$1,743

$1,819

$1,897

Rate=1.0%

10 15 20 25 27 28 29 30

Total Paid Back

$1,586

$1,934

$2,316

$2,726

$2,897

$2,984

$3,071

$3,159

Monthly Payment

$13.22

$10.75

$9.65

$9.09

$8.94

$8.88

$8.82

$8.78

Total Interest Paid

$586

$934

$1,316

$1,726

$1,897

$1,984

$2,071

$2,159