Curious about what loan option makes the most sense for you? Test it out by using our Comparison Mortgage Calculator…
Our mortgage calculators are for demonstration purposes only and may not reflect actual numbers for your specific mortgage. Contact us and we will walk you through the best possible mortgage scenario for your specific needs!
Total cost after
1 year
years
TOTAL COST
YEARS
Option A
$/mo
Loan Type
Loan Amount
$
Interest Rate
%
Upfront Cost
$
Monthly Payment
$
Lifetime Cost
$
Option B
$/mo
Loan Type
Loan Amount
$
Interest Rate
%
Upfront Cost
$
Monthly Payment
$
Lifetime Cost
$
Estimated Costs
These costs are estimated based the information added in the advanced section. You may adjust these values to suit your particular situation in order to get a more accurate estimate.
Loan Option A
Loan Option B
Loan Amount
$
$
Down Payment
$
$
Interest Rate
%
%
Loan Term
years
years
Taxes & Insurance Included?
Property Tax(1st year)
$
$
Home Owners Insurance(1st year)
$
$
HOA dues
$
$
Home Appreciation
%
%
Upfront Fee
$
$
Total upfront fees
$
$
Total Interest Payments
$
$
Total Principal Payments
$
$
Lifetime Cost
$
$
How We Calculate the Costs
Comparing Mortgage Options
This calculator helps you compare two different mortgage options. It takes into account various factors for each option:
Loan Details:
- Loan type (Conventional, FHA, VA, USDA)
- Loan amount
- Interest rate
- Loan term
- Down payment amount
- Property taxes
- Homeowners insurance
- HOA fees
- Private Mortgage Insurance (PMI) if applicable
- Conventional loans: Typically closing costs (2-5% of loan amount)
- FHA loans: Upfront Mortgage Insurance Premium (UFMIP) of 1.75% of the loan amount
- VA loans: VA Funding Fee (varies based on down payment and use)
- USDA loans: Upfront guarantee fee of 1% of the loan amount
- Monthly mortgage payment (principal and interest)
- Total interest paid over the life of the loan
- Total cost of the loan (including upfront fees, monthly payments, and additional costs)
- Annual home appreciation rate: %
- Monthly payment
- Total upfront costs
- Total cost over the life of the loan
- Break-even point (if applicable)
Check out our other mortgage calculators
Access our top-rated mortgage calculators to expertly assess your financing options, compare various loan types, and make informed decisions for your home buying journey.
Refined Lending
a division of Luminate Bank  //  NMLS #1281698
Refined Lending, a division of Luminate Bank, is a custom home mortgage team specializing in up-and-coming or established, urban and suburban neighborhoods in the Twin Cities. Our experienced team works closely to suggest the perfect mortgage for your unique lifestyle; a payment that fits within your budget. The choice to work with Refined Lending, a division of Luminate Bank, will make your next move a simple, streamlined and highly rewarding experience. Our in-house products such as new construction, purchases, and refinancing will allow us to assist every homeowner.
With Refined Lending, a division of Luminate Bank, you will work with one team from the pre-approval stage all the way through your final home closing. Refined Lending, a division of Luminate Bank, partners with highly sought-after real estate agents, and home builders to make sure you get the most current trends and technology, as well as superior products and workmanship.
Contact Refined Lending, a division of Luminate Bank, today to find out what makes us stand out from the competition! Reaching us is easy:
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Join our team!
Interested in joining the team at Refined Lending, a division of Luminate Bank? Our culture and employees are what sets us apart from others in our industry. If you want to work for a company that cares about making a difference in the lives of our customers, referral partners and in the success of every staff member on our team, then Refined Lending, a division of Luminate Bank, may be the right place for you!
Contact one of our branch managers today.
