Testimonials

"I wanted to take a moment to recognize 800775LOAN.com for your outstanding customer service in my recent home refinance process. The knowledge and professionalism of your staff was exceptional. My Mortgage Planner explained the entire process and managed all of my expectations before we got started. He gave me honest advice while taking the time to clarify all of my options on different loans available. He presented a cost benefit analysis for each option so that I could make an informed decision. Then he investigated the specific state requirements for Massachusetts and made sure he followed the regulations so that we could close without any last minute holdups. His communication skills were remarkable. He kept me informed every step of the way, and always made sure he was available to answer questions and concerns. I have recommended 800775LOAN.com to my colleagues and family. Many people I have spoken with choose not to enter into the refinance process because it can be intimidating and time consuming. These folks really need to have a conversation with 800775LOAN.com and I am confident they would proceed!! I am so appreciative of the time and effort 800775LOAN.com spent to make sure my loan process went smoothly. In this time of recession, we are very thankful to have worked with 800775LOAN.com. Because of your experienced staff we were able to refinance and save a huge amount of money. We have secured a loan that will serve us very well over the next 30 years!"

- Dr. Nancy P.
MA

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Loan Comparison Calculator

Loan Comparison Calculator

Loan Comparison Calculator

Determining which loan provides you with the best value involves more than simply comparing monthly payments. Use this calculator to sort through the monthly payments, fees and other costs associated with getting a new loan. By comparing these important variables side by side, this calculator can help you pick the loan that works best for you. Click on the "View Report" button to see the results in detail.

Loan Comparison Calculator
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Definitions

Loan amount

The total dollar amount for this loan.

Interest rate

The interest rate on this loan.

Loan term

The number of years over which you will repay this loan. The most common terms are 15 years and 30 years. If this loan has a "balloon" payment, the loan term will be shorter than the number of years to amortize the loan. For example, a loan with a 5-year term amortized over 30 years will have the same monthly payment as a 30-year loan with the same interest rate. The difference is the 30-year loan will have equal payments for 30 years. The 5-year loan will have equal payments for 5 years and then a very large, or balloon, payment for the remaining balance.

Amortization

The number of years used in calculating the monthly payment. Loans that are amortized over a longer period than their loan term have a balloon payment. See "Loan term" for more information.

Origination fee

The dollar amount charged as a loan origination fee, which is included in the Annual Percentage Rate (APR) calculation. For many loans a 1% origination fee is common. For example: a 1% fee on a $120,000 loan would cost $1,200.

Commitment fee

An upfront fee included in the APR calculation.

Other fees

Fees included in the APR calculation. These fees can vary by lender but, at a minimum, usually includes prepaid interest.

Other costs

Any other costs that should be included in the APR calculation.

Monthly loan payment

Monthly principal and interest payment (PI).

Annual percentage rate (APR)

A standard calculation used by lenders. It is designed to help borrowers compare different loan options. For example: a loan with a lower stated interest rate may be a bad value if its fees are too high. Likewise, a loan with a higher stated rate and very low fees could be an exceptional value. APR calculations incorporate these fees into a single rate. You can then compare loans with different fees, rates or different terms.

Balloon payment

This is the total final payment for all loans that are amortized over a period of time longer than the loan term. The balloon payment is total interest and principal balance due at the end of the loan term. (If the loan term is the same as the amortization, this amount is always zero.)

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