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Mortgage Interest Rates Calculator for Comparing Finance Costs

Calculator Preferences
Mortgage Interest Rates Calculator Sign
Mortgage Interest Rates Calculator

This calculator will calculate and compare the total interest costs of up to 10 different mortgage rates at one time. You might be shocked at the difference a single point can make when spread out over 30 years. The calculator also takes each rate and tells you the number of years you will need to work just to pay the interest. Results include a comparison chart, a bar graph, and a printer friendly report. The Myth tab includes:

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Learn More

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 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.

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About

About the Mortgage Interest Rates Calculator

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 in order 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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Instructions

How to use the Mortgage Interest Rates Calculator

Step #1:

Enter the mortgage loan amount.

Step #2:

Enter the term of the mortgage in number of years.

Step #3:

If you would like to be made aware of how many hours you will need to work to pay the interest charges on the mortgage, enter your Real Hourly Wage. If not, leave the RHW field blank.

Step #4:

Select the number of different rates you would like to compare. At least two will be required for the rate comparison report.

Step #5:

For each entry row, select an interest rate to compare.

Step #6:

Tap the "Create Comparison" button. This will generate a Rate Comparison Chart, a Mortgage Interest Cost bar graph, and a button for creating a printer friendly report.

Saving Entries:

If your web browser supports Local Storage, you can save your entries to your web browser so won't have to start over on your next visit. Please note that your saved entries can only be retrieved from the same device and web browser you were using when you stored them. If you would like to access your saved entries from any device I invite you to subscribe to the Ad-Free Member Version.

To save your entries to your web browser, click or tap the Data tab in the Help and Tools section (mobile: top right of the main screen), select "New Data Record" from the drop-down menu, enter a name for the data record, and then tap or click the Save button.

To load previously saved entries, click or tap the Data tab and select the saved data record from the drop-down menu. You can then save any changes to your entries by simply clicking the Save button while the data record is selected.

To clear a named set of saved entries, click or tap the Data tab, select the saved data record from the drop-down menu, and then tap or click the Clear button.

Numbers and Decimals:

Only numeric characters (0-9 and decimal points) may be entered in numeric fields. Non-numeric characters (dollar signs, percent signs, commas, etc.) may cause calculation errors. If the field includes a grid icon, tapping the icon will open a popup keypad which will include only the characters allowed in the field. If your device keypad does not include a decimal point, use this popup keypad to enter decimal numbers where applicable.

Popup Tool Tips:

Tap the info (i) icons for a further explanation of each entry field (you can click [X] or outside of the pop-up tool tips to close them). A summary of these explanations, along with any additional term explanations, can also be found under the Terms tab.

Disclaimer:

Since I can't test for every possible combination of numbers, please be sure to double-check the results of this calculator yourself before considering them to be valid. If you do discover an issue with the calculated results, please report the issue using the feedback form located below the calculator.

Scrolling & Shrinking:

In order to scroll the calculator vertically you will need to swipe just outside of the calculator's dark-blue border, or use the window's far right-hand scroll bar, whichever is applicable to your device.

If the top section of the calculator becomes to tall for your viewport, tapping in the "Enter a problem..." field should reset the top section to its original height.

Disclaimer:

The Algebra Calculator is the only calculator on the site that I did not create myself. And since I did not create it, I don't have access to the code for fixing any issues you may be experiencing. So if you are having issues with the calculator, please visit the support page at Mathway.com for assistance.

Glossary

Fields, Terms, and Definitions.

Reset button:

Clicking the "Reset" button will restore the calculator to its default settings.

Pocket Calculator

Calculate any amounts needed to enter into calculator.

 

Data Management

Save and retrieve entries and notes (requires HTML5 compliant web browser).

Calculator Data

Calculator Data:

If you are using the latest version of your web browser software, this feature will allow you to save your calculator entries to your web browser's local storage in between visits. This means the calculator entries can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save data between devices you will need to subscribe to the Ad-Free Member Version.

Save: To save a new set of calculator entries, select "New Data Record" from the dropdown list, enter a nickname for the data record, then click the "Save" button.

Load: To load a previously saved set of calculator entries, simply select the name of the data record from the dropdown list.

Save Changes: To save changes to a set of previously saved calculator entries, be sure the name of the data record is selected, and then click the "Save" button.

Clear: To clear a saved set of entries, be sure the name of the data record is selected, and then click the "Clear" button.

Backup Data
My Notes:
Subscribe to the Cloud level of the Ad-Free Member Version to save your entries and notes to a secure online database, allowing you to access your saved entries from any device or web browser.

Sorry! The Save functions are bonus features reserved for those who allow ads to display on the page.

If you would like to use the Save features, please disable ad blocking for this website and refresh the page. Or you can choose to subscribe to the Ad-Free Member Version of the site.

Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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