Using a Loan Comparison Calculator

With a loan comparison calculator, you can compare two different mortgage loans at a time to see first hand how their payments differ. This is a great tool to have, especially if you're comparison shopping for the best mortgage to purchase an investment property.

The mortgage comparison calculator will allow you to enter any combination of interest rates, loan amounts and repayment periods for two different mortgages. This feature allows you to compare different combinations of loan criteria for each mortgage to see how they compare.

* The "total payment" that is found by the calculator over the life of the loan is found by multiplying the monthly payment by the total number of payments made. This includes both principal and interest. And, the "total interest" paid is the interest portion of that total payment.

More information on mortgages and mortgage financing can be found in The Landlord's Library book collection.

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