Compare Two Different Loans

Here you can compare two different loans. Make sure you have selected the desired payment type.

	Loan #1	Loan #2
Enter mortgage amount: Maximum $1,000,000,000.00	$	$
Enter amortization time: Maximum 30 years	years	years
Enter annual interest rate: Maximum 25%	%	%
Enter compounding frequency: Canada=2, USA=12
Payment type:
PLEASE CLICK ONLY ONCE!

Mortgage amount - The amount originally borrowed from a lender (PRINCIPAL).
Amortization - The period of time needed to payoff a mortgage if there are no prepayments and no late payments. Naturally, the shorter the amortization period, the more money you save on interest; but, on the other hand, the amount of the payment is higher.
Annual interest rate - The amount charged by a lender to a borrower as 'rent' for the use of the lender's money. Interest charges generally accrued as a percentage of the amount borrowed. The interest rate is usually quoted in percent per year.
Compounding frequency - A number that determines how many times a year the interest rate is calculated ( annually=1, semi-annually=2, monthly=12 ). The more often interest is calculated during a year, the greater the yield to the lender and the more expensive the loan for the borrower.