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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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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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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.