Loan Comparison Calculator

Compare two loan options side-by-side to find the best mortgage rate and terms for your home purchase.

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$100,000 down payment

years
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Loan Comparison Results

Complete the form above to unlock your personalized loan comparison

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Loan 1
$--,---
Monthly Payment
Loan 2
$--,---
Monthly Payment
Savings
$--,---
Total Difference

Educational Disclaimer

This calculator is provided for educational and informational purposes only. The estimates shown are not financial advice, loan offers, or guarantees of any kind. Actual mortgage terms, rates, and payments will vary based on your specific situation, lender requirements, market conditions, and other factors. This tool does not replace professional financial advice. Always consult with qualified mortgage professionals, financial advisors, or lenders for personalized guidance and actual loan terms.

Common Mortgage Scenarios

Explore different situations to understand how mortgage calculations work

🏠
First-Time Buyer
Toronto Condo

Young professional purchasing first home with minimal down payment. $550K price, $30K down (5.45%) at 6.5% rate over 25 years results in ~$3,480/month including CMHC insurance.

Includes mortgage insurance
⬆️
Move-Up Buyers
Family Home

Growing family upgrading to larger home with equity from previous sale. $875K price, 20% down at 6.2% rate over 25 years equals ~$4,290/month with no insurance.

No mortgage insurance needed
🏢
Investment Property
Calgary Rental

Investor purchasing rental property with required minimum down payment. $425K price, 20% down at 6.8% rate over 25 years costs ~$2,240/month at investment rates.

Higher rates for investment
🔄
Refinancing
Vancouver Home

Homeowner switching to better rate when mortgage term expires. $720K balance, 5.9% rate over 22 years remaining saves ~$400/month vs previous 7.2%.

Rate shopping benefits

Loan Comparison Calculator - FAQs

Everything you need to know about using our mortgage calculators effectively.

Our Loan Comparison Calculator helps you easily compare two different mortgage or loan options side by side. By entering your loan details, you can see how different interest rates and terms affect your monthly payments and the total cost over time.

  • Home Price ($): Enter the total price of the home or property you're interested in.
  • Down Payment (%): Input the percentage of the home price you're planning to pay upfront.
  • Loan Term (years): Specify the length of the loan in years (e.g., 15 or 30 years).
  • Interest Rate 1 (%): Enter the interest rate for the first loan option.
  • Interest Rate 2 (%): Enter the interest rate for the second loan option.

Click on "Compare Loans" to see the results.

  • Monthly Payments: How much you'll pay each month for each loan option.
  • Total Interest Paid: The total amount of interest you'll pay over the life of each loan.
  • Difference: The difference in monthly payments and total interest between the two loans.
  • Amortization Chart: A visual graph showing how your loan balances and interest payments change over time.

Additional Tips & Resources

  • Explore Different Scenarios: Try adjusting the inputs to see how changes in interest rates, down payments, and loan terms affect your payments.
  • Budget Planning: Use our calculators to help plan your budget and prepare for homeownership costs.
  • Contact a Professional: While our tools provide helpful estimates, consider speaking with a financial advisor or mortgage lender for personalized advice.