Mortgage Interest Rates Calculator for Comparing Finance Costs

Mortgage Interest Rates Calculator Sign

This free online calculator will calculate a comparison of mortgage rate costs for home loans having different interest rates.

Plus, unlike other online compare mortgage rate calculators, this calculator will also calculate the number of years of your life you will need to spend working to earn the after-tax, after-work-related-expense income needed to pay just the finance charges on your home loan.

Finally, the calculator also generates a "Mortgage Interest Cost Comparison" graph and a button for creating a printer friendly report.

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Mortgage Interest Rates Calculator

Calculate a comparison of mortgage rate costs for home loans having different interest rates.

Special Instructions

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Mortgage amt:Mortgage amount:Mortgage amount:Mortgage amount:

Mortgage amount:

Enter the amount of the mortgage (home loan amount, or principal). Enter as a dollar amount, but without the dollar sign and any commas.

# of years:Number years:Term in number of years:Home loan term in number of years:

Home loan term in number of years:

Enter the home loan term in number of years (15, 20, 25, and 30 years are common loan terms).

Wage/hrHourly wageReal hourly wageReal hourly wage:

Real hourly wage:

Optional: Enter your real hourly wage (RHW is the after-tax, after work-related expense wage earned per hour devoted to working). Enter as a dollar amount, but without the dollar sign and any commas. If you do not know your RHW, click the link to open the real hourly wage calculator in a new window.

# of rates:Number of rates:Number of rates to compare:Number of interest rates to compare:

Number of interest rates to compare:

Select the number of different interest rates you would like to compare. This will display an entry row for each rate in the form below.

Select Rates

Select Rates:

After selecting the number of rates to compare, the Mortgage Rate List will be populated with the selected number of entry rows.

Select the variable you wish to appear in the right-most column (Pmt = Monthly Payment, Tot = Total of all payments, Int = Interest cost through payoff, Hrs = Work hours required to pay the interest cost). You can change the 3rd column variable at any time.

For each entry row in the Mortgage Rate List, select the interest rate (Rate) you wish to compare with other rates. At least 2 rows must contain values in the right-most column before the "Create Comparison" button will be enabled.

To bulk fill the Rate column, select the Rate to fill from the menu in the header row. You can then make changes to individual rows.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools


A Home Loan is "good" debt.

Is a Home Loan really a "Good" Debt?

Well, that's certainly what banks and mortgage companies want you to believe.

After all, they profit greatly from spreading the belief that borrowing money to purchase a home is "good" debt. They even have a lot of so-called "financial experts" on board, helping them to spread that belief.

One reason financial experts give as to why a mortgage is a type of "good" debt, is because if for some reason you can no longer afford to make the payments you can pay the loan off simply by giving the home back to the mortgage company.

I can't help but wonder what those same financial experts are telling clients who are now upside down in their mortgages (market value of home dropped to well below what they owe on the home) and have lost their jobs.

Borrowing is ... Living Beyond Your Means

The truth is, no matter how you slice it, borrowing money to purchase something that doesn't generate a payment-offsetting income is an act of living beyond your means (spending more than you earn).

And what does "living beyond your means" mean? It means two things:

  1. You become a slave to a lending institution.
  2. You will have to work twice as many hours to buy the same basket of goods as someone who pays cash for everything they buy.

Borrowing is ... Painting Yourself Into a Corner

When you take on financial obligations, you simultaneously reduce your freedom of choice. And the more you reduce your freedom of choice, the more you end up trapped where you're at -- trapped in your vocation, trapped in your present job, trapped where you live, trapped at home instead of vacationing abroad, trapped, trapped, trapped.

Borrowing is ... Working Twice as Hard for the Same Result

The second negative consequence of taking on financial obligations (borrowing earnings from your future to live better today) is that you will have to pay back more money than you borrowed (principal PLUS interest).

And the higher the interest rate and longer the repayment term, the more money you will spend to purchase the otherwise fixed-price item.

If you buy a $250,000 home using a 30-year, 6% mortgage, by the time you make the final payment, you will have paid $540,000 for the $250,000 home.

How on earth could that be a "good" thing?

Especially when you consider how many hours of your life you will need to spend working (loss of freedom) to pay the extra $290,000 for the home.

The mortgage interest rates calculator on this page will attempt to show you how much of your future earnings (freedom) you will be giving up in the process of paying 2-3 times the price of a home.

If you want to live free in "the land of the free," then do the opposite of what lending institutions are telling you in their sales presentations, the opposite being; grow slow, pay as you go.

Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.