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Mortgage Loan and Refinancing Comparison (v2.0)
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Praveen LoboMIT License
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Download original copy (You need to be logged in to Google Drive)
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Original or First LoanNew or Second Loan
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Amount$407,000$407,000
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Term1530
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Rate1.75%2.50%
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First payment date2/15/20212/15/2021
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Cost
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Mortgage interest tax saving/credit0.00%Federal+State
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Tax rate on investment gains15.00%Federal+State
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Return from side fund investments25.00%per year
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Show every1.0years
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Loan end dates1/15/20361/15/2051
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Total Loan Interest$56,048.14$171,931.14
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Monthly payment$2,572.49$1,608.14
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Difference-$964.35less
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Year0123456789101112131415161718192021222324252627282930
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Date1/15/20211/15/20221/15/20231/15/20241/15/20251/15/20261/15/20271/15/20281/15/20291/15/20301/15/20311/15/20321/15/20331/15/20341/15/20351/15/20361/15/20371/15/20381/15/20391/15/20401/15/20411/15/20421/15/20431/15/20441/15/20451/15/20461/15/20471/15/20481/15/20491/15/20501/15/2051
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15 year (Loan 1)Balance$407,000$383,061$358,700$333,909$308,681$283,008$256,882$230,295$203,239$175,705$147,686$119,173$90,157$60,628$30,579$0
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30 year (Loan 2)Balance$407,000$397,772$388,311$378,610$368,664$358,467$348,012$337,292$326,301$315,032$303,479$291,633$279,487$267,035$254,267$241,177$227,756$213,995$199,886$185,420$170,589$155,383$139,792$123,806$107,417$90,613$73,384$55,720$37,608$19,039$0
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15 year (Loan 1)Interest paid$0$6,931$13,440$19,519$25,161$30,357$35,101$39,384$43,198$46,534$49,385$51,742$53,595$54,937$55,758$56,048
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30 year (Loan 2)Interest paid$0$10,070$19,906$29,503$38,855$47,955$56,798$65,376$73,683$81,712$89,456$96,908$104,060$110,905$117,435$123,643$129,519$135,056$140,245$145,077$149,543$153,634$157,341$160,654$163,562$166,056$168,124$169,758$170,944$171,672$171,931
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15 year (Loan 1)Equity$0$23,939$48,300$73,091$98,319$123,992$150,118$176,705$203,761$231,295$259,314$287,827$316,843$346,372$376,421$407,000$407,000$407,000$407,000$407,000$407,000$407,000$407,000$407,000$407,000$407,000$407,000$407,000$407,000$407,000$407,000
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30 year (Loan 2)Equity$0$9,228$18,689$28,390$38,336$48,533$58,988$69,708$80,699$91,968$103,521$115,367$127,513$139,965$152,733$165,823$179,244$193,005$207,114$221,580$236,411$251,617$267,208$283,194$299,583$316,387$333,616$351,280$369,392$387,961$407,000
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15 year (Loan 1)Investment$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$0$21,102$46,755$78,098$116,553$163,898$222,356$294,704$384,416$495,832$634,379$806,839$1,021,689$1,289,529$1,623,606$2,040,477
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30 year (Loan 2)Investment$0$12,673$28,061$46,862$69,930$98,330$133,397$176,796$230,611$297,446$380,556$484,009$612,892$773,561$973,964$1,224,034$1,523,533$1,897,906$2,365,874$2,950,833$3,682,031$4,596,030$5,738,528$7,166,651$8,951,804$11,183,246$13,972,548$17,459,176$21,817,460$27,265,316$34,075,136
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15 year (Loan 1)Networth$0$23,939$48,300$73,091$98,319$123,992$150,118$176,705$203,761$231,295$259,314$287,827$316,843$346,372$376,421$407,000$428,102$453,755$485,098$523,553$570,898$629,356$701,704$791,416$902,832$1,041,379$1,213,839$1,428,689$1,696,529$2,030,606$2,447,477
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30 year (Loan 2)Networth$0$21,901$46,750$75,252$108,265$146,863$192,385$246,504$311,310$389,414$484,077$599,376$740,405$913,526$1,126,697$1,389,857$1,702,777$2,090,912$2,572,988$3,172,412$3,918,442$4,847,647$6,005,736$7,449,844$9,251,387$11,499,633$14,306,164$17,810,456$22,186,852$27,653,277$34,482,136
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Difference$0-$2,038-$1,550$2,161$9,946$22,871$42,267$69,799$107,549$158,119$224,764$311,549$423,561$567,155$750,276$982,857$1,274,675$1,637,157$2,087,890$2,648,859$3,347,544$4,218,292$5,304,032$6,658,428$8,348,555$10,458,254$13,092,325$16,381,767$20,490,323$25,622,671$32,034,658
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Assumptions:
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When both loans are active, the payment difference is saved/invested on the loan side that has the lower monthly payment.
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If one of the loan ends, the monthly payment on the other loan is saved/invested on the loan side that has ended. To see it in action, enter the term as 1 and 2 (or 2 and 1) above and check out the table below.
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If the second loan has not started, as is the case when refinancing, there is nothing to compare the first loan with so nothing is saved/invested. To see it in action, enter a first payment date on the second loan that starts after the first loan.
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15 year loan (Loan 1)30 year loan (Loan 2)
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DateMonthInterestPrincipalBalanceTax ReturnMonthly InvestmentInvestment BalanceAccrued TaxInvestment Balance After TaxDateMonthInterestPrincipalBalanceTax ReturnMonthly InvestmentInvestment BalanceAccrued TaxInvestment Balance After Tax
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1/15/20210$407,000
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2/15/20211$594$1,979$405,021$0$0$0$0$02/15/20211$848$760$406,240$0$964$982$3$980
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3/15/20212$591$1,982$403,039$0$0$0$0$03/15/20212$846$762$405,478$0$964$1,965$5$1,960
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4/15/20213$588$1,985$401,054$0$0$0$0$04/15/20213$845$763$404,715$0$964$2,966$11$2,955
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5/15/20214$585$1,988$399,067$0$0$0$0$05/15/20214$843$765$403,950$0$964$3,986$19$3,967
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6/15/20215$582$1,991$397,076$0$0$0$0$06/15/20215$842$767$403,183$0$964$5,026$31$4,995
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7/15/20216$579$1,993$395,083$0$0$0$0$07/15/20216$840$768$402,415$0$964$6,084$45$6,040
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8/15/20217$576$1,996$393,087$0$0$0$0$08/15/20217$838$770$401,645$0$964$7,163$62$7,101
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9/15/20218$573$1,999$391,087$0$0$0$0$09/15/20218$837$771$400,874$0$964$8,262$82$8,180
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10/15/20219$570$2,002$389,085$0$0$0$0$010/15/20219$835$773$400,101$0$964$9,381$105$9,276
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11/15/202110$567$2,005$387,080$0$0$0$0$011/15/202110$834$775$399,326$0$964$10,522$132$10,390
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12/15/202111$564$2,008$385,072$0$0$0$0$012/15/202111$832$776$398,550$0$964$11,683$161$11,522
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1/15/202212$562$2,011$383,061$0$0$0$0$01/15/202212$830$778$397,772$0$964$12,867$194$12,673
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2/15/202213$559$2,014$381,047$0$0$0$0$02/15/202213$829$779$396,993$0$964$14,073$230$13,842
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3/15/202214$556$2,017$379,031$0$0$0$0$03/15/202214$827$781$396,212$0$964$15,301$270$15,031
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4/15/202215$553$2,020$377,011$0$0$0$0$04/15/202215$825$783$395,429$0$964$16,553$313$16,240
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5/15/202216$550$2,023$374,988$0$0$0$0$05/15/202216$824$784$394,644$0$964$17,828$360$17,468
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6/15/202217$547$2,026$372,963$0$0$0$0$06/15/202217$822$786$393,859$0$964$19,127$410$18,717
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7/15/202218$544$2,029$370,934$0$0$0$0$07/15/202218$821$788$393,071$0$964$20,450$464$19,986
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8/15/202219$541$2,032$368,902$0$0$0$0$08/15/202219$819$789$392,282$0$964$21,798$521$21,277
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9/15/202220$538$2,035$366,868$0$0$0$0$09/15/202220$817$791$391,491$0$964$23,172$583$22,589
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10/15/202221$535$2,037$364,830$0$0$0$0$010/15/202221$816$793$390,698$0$964$24,571$648$23,923
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11/15/202222$532$2,040$362,790$0$0$0$0$011/15/202222$814$794$389,904$0$964$25,997$717$25,280
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12/15/202223$529$2,043$360,747$0$0$0$0$012/15/202223$812$796$389,108$0$964$27,449$790$26,659
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1/15/202324$526$2,046$358,700$0$0$0$0$01/15/202324$811$797$388,311$0$964$28,928$868$28,061
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2/15/202325$523$2,049$356,651$0$0$0$0$02/15/202325$809$799$387,512$0$964$30,436$949$29,487
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3/15/202326$520$2,052$354,598$0$0$0$0$03/15/202326$807$801$386,711$0$964$31,971$1,035$30,937
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4/15/202327$517$2,055$352,543$0$0$0$0$04/15/202327$806$802$385,908$0$964$33,536$1,125$32,411
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5/15/202328$514$2,058$350,485$0$0$0$0$05/15/202328$804$804$385,104$0$964$35,130$1,219$33,910
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6/15/202329$511$2,061$348,423$0$0$0$0$06/15/202329$802$806$384,298$0$964$36,753$1,318$35,435
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7/15/202330$508$2,064$346,359$0$0$0$0$07/15/202330$801$808$383,491$0$964$38,408$1,422$36,986
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8/15/202331$505$2,067$344,292$0$0$0$0$08/15/202331$799$809$382,681$0$964$40,093$1,530$38,563
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9/15/202332$502$2,070$342,221$0$0$0$0$09/15/202332$797$811$381,871$0$964$41,810$1,643$40,167
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10/15/202333$499$2,073$340,148$0$0$0$0$010/15/202333$796$813$381,058$0$964$43,559$1,760$41,798
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11/15/202334$496$2,076$338,071$0$0$0$0$011/15/202334$794$814$380,244$0$964$45,341$1,883$43,458
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12/15/202335$493$2,079$335,992$0$0$0$0$012/15/202335$792$816$379,428$0$964$47,156$2,011$45,145
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1/15/202436$490$2,083$333,909$0$0$0$0$01/15/202436$790$818$378,610$0$964$49,005$2,143$46,862
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2/15/202437$487$2,086$331,824$0$0$0$0$02/15/202437$789$819$377,791$0$964$50,890$2,281$48,608
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3/15/202438$484$2,089$329,735$0$0$0$0$03/15/202438$787$821$376,970$0$964$52,809$2,425$50,384
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4/15/202439$481$2,092$327,644$0$0$0$0$04/15/202439$785$823$376,147$0$964$54,765$2,573$52,191
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5/15/202440$478$2,095$325,549$0$0$0$0$05/15/202440$784$825$375,322$0$964$56,757$2,727$54,029
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6/15/202441$475$2,098$323,451$0$0$0$0$06/15/202441$782$826$374,496$0$964$58,786$2,887$55,899
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7/15/202442$472$2,101$321,350$0$0$0$0$07/15/202442$780$828$373,668$0$964$60,854$3,053$57,801
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8/15/202443$469$2,104$319,247$0$0$0$0$08/15/202443$778$830$372,839$0$964$62,961$3,224$59,737
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9/15/202444$466$2,107$317,140$0$0$0$0$09/15/202444$777$831$372,007$0$964$65,107$3,401$61,705
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10/15/202445$462$2,110$315,030$0$0$0$0$010/15/202445$775$833$371,174$0$964$67,293$3,585$63,709
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11/15/202446$459$2,113$312,917$0$0$0$0$011/15/202446$773$835$370,339$0$964$69,521$3,774$65,746
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12/15/202447$456$2,116$310,800$0$0$0$0$012/15/202447$772$837$369,503$0$964$71,790$3,970$67,820
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1/15/202548$453$2,119$308,681$0$0$0$0$01/15/202548$770$838$368,664$0$964$74,102$4,172$69,930
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2/15/202549$450$2,122$306,559$0$0$0$0$02/15/202549$768$840$367,824$0$964$76,457$4,381$72,076
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3/15/202550$447$2,125$304,433$0$0$0$0$03/15/202550$766$842$366,982$0$964$78,856$4,596$74,260
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4/15/202551$444$2,129$302,305$0$0$0$0$04/15/202551$765$844$366,139$0$964$81,300$4,818$76,483
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5/15/202552$441$2,132$300,173$0$0$0$0$05/15/202552$763$845$365,293$0$964$83,791$5,047$78,744
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6/15/202553$438$2,135$298,038$0$0$0$0$06/15/202553$761$847$364,446$0$964$86,328$5,283$81,045
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7/15/202554$435$2,138$295,901$0$0$0$0$07/15/202554$759$849$363,597$0$964$88,912$5,526$83,387
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8/15/202555$432$2,141$293,760$0$0$0$0$08/15/202555$757$851$362,747$0$964$91,546$5,776$85,770
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9/15/202556$428$2,144$291,616$0$0$0$0$09/15/202556$756$852$361,894$0$964$94,228$6,034$88,195
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10/15/202557$425$2,147$289,468$0$0$0$0$010/15/202557$754$854$361,040$0$964$96,961$6,299$90,662
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11/15/202558$422$2,150$287,318$0$0$0$0$011/15/202558$752$856$360,184$0$964$99,745$6,572$93,173