Sioux Falls, South Dakota 57108, United States
Loan Comparison Calculator
WHICH MORTGAGE IS BETTER FOR ME?
This calculator will help you compare the total cost of any two or three mortgages. The analysis includes the effect of a tax deduction for interest. If the interest is not deductible, or if you do not want to show the effect of the tax deduction, choose an income tax rate of zero. The mortgage interest rate is determined by the purchasers credit score, which the mortgage lender will average from the three credit reporting agencies reports.
Calculator Tips
The "present value of the loan" figure is the cost of all tax adjusted payments plus tax adjusted points, fees and down payment, discounted back to the start of the loan at the savings rate you entered. You may also think of it as the amount you would have to invest today (e.g., in a savings account) to cover the points, fees, down payment, and all monthly payments for as long as you keep this property.
In this calculation, points are deducted up front as opposed to being amortized over the life of the loan. This is most consistent with new primary residence purchases. The deduction on loan points for refinances and income properties are usually amortized over the life of the loan.
Calculator Disclaimer
The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.
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Don Dunham III Real Estate
Sioux Falls, South Dakota 57108, United States
© Don Dunham III Real Estate | 605.274.1144 | info@dondunham.com | 5809 S. Remington Place #300, Sioux Falls, SD 57108
Don Dunham III Real Estate is locally owned, licensed in South Dakota and Iowa, and ready to help you buy a home, sell your home, with commercial property, land or lots.
Our Realtors® offer a variety of resources to help with your real estate needs in and around the Sioux Falls area.