Lowest monthly among your scenarios
$2,666
Lowest monthly is not the same as lowest cost — open each scenario to compare fees and total interest.
Scenarios
Edit any scenario. Nothing is labelled best — the tradeoffs are yours to weigh.
yrs
Lowest monthly among your scenarios
$2,666
Lowest monthly is not the same as lowest cost. Check the points and lender fees and the total interest before deciding.
| Measure | Scenario A | Scenario B | Scenario C |
|---|---|---|---|
| Principal & interest | $2,149 | $2,066 | $2,846 |
| Taxes & insurance | $600 | $600 | $600 |
| Mortgage insurance | $0 | $0 | $0 |
| Total monthly (P&I, taxes, insurance, MI) | $2,749 | $2,666 | $3,446 |
| Points and lender fees | $1,500 | $4,900 | $1,500 |
| Total principal & interest payments | $773,651 | $743,715 | $512,317 |
| Total interest | $433,651 | $403,715 | $172,317 |
| Balance after 5 yrs | $318,277 | $316,870 | $257,823 |
Assumptions behind these numbers
- · Points are entered as a percentage of the loan amount and are treated as cash paid at closing, along with lender fees.
- · The points-and-lender-fees row is exactly that: it is not a full cash-to-close figure, because it excludes the down payment, third-party fees, prepaid items and escrow deposits.
- · Total payments = principal-and-interest payment × the number of months in the term, so it does not include taxes, insurance or MI.
- · Mortgage insurance, where entered, is applied for the whole term rather than dropping off at a threshold.
- · The remaining-balance column uses the number of years you select above.
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