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To compare financing, input Compare Rate and Market Rate
with mortgage amount, term, and amortization. Then click on
CALCULATE.
Use this calculator to compare discounted mortgage rate offers, the costs or benefits
of assuming existing mortgage financing, or calculating the Interest Rate
Differential and payout penalty on your mortgage.
A $ 100,000 mortgage at current market rates of
7 % with a 36 month term and
300 month amortization results in monthly payments of
$ 700 and a balance at term maturity of $ 95,000.
A lower than market mortgage rate of 6 %
would result in a payment that is $ 61
lower each month and a balance at term maturity that is also $ 734
lower. The present value of the differences in payments with this beneficial
financing is $ 2,563.
You would be BETTER OFF with the 6 %
mortgage by a Present Value of $ 2,563.
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