Mortgage Comparer
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Home Price$160,000.00
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% Down20.00%
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30-year fixed rate4.39%
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15-year fixed rate3.39%
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30-year 5/1 ARM rate2.65%
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Anticipated Prime rate in 5 years5.00%Prime rate is currently 3.25% (as of 1/8/14). See a history of the prime rate at http://www.moneycafe.com/personal-finance/prime-rate-history/
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Closing costs$3,000.00
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Transaction Fees when selling4.50%Realtor fees paid when you sell the house (6% is standard)
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Annual Homeowner's Insurance Premium$400.00
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Semi-Annual Property Taxes$800.00
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Annual Maintenance Costs$3,200.00
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Expected Investment Return (minus inflation)6.00%Used for calculating the opportunity cost of the money tied up in your home
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How many years do you plan to stay in your home before moving?7
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Costs that vary based on mortgage type chosen30 year loan15 year loan30 year loan paid on 15 year schedule5/1 ARM paid on 15 year schedule
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Monthly Payment$640.22$908.15$972.01$862.56
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Average interest paid per month$439.35$292.28$383.54$275.04
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Average principal Paid per month$200.87$615.87$588.47$587.52
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PITI (Principal, Interest, Taxes & Insurance)$806.88$1,074.82$1,138.68$1,029.22
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Average Monthly Opportunity Cost of tied up equity$202.18$289.33$283.58$283.38
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These costs will be the same regardless of 30-year vs. 15-year and fixed vs. ARM
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Closing costs averaged over months of home owned$35.71$35.71$35.71$35.71
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Transaction fees averaged over months of home owned$95.24$95.24$95.24$95.24
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Monthly Maintenance Costs$266.67$266.67$266.67$266.67
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The big picture
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True monthly cost of ownership (if you can rent a similar house for cheaper, do it)$1,205.81$1,145.90$1,231.40$1,122.70
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PITI + Maintenance (negative cashflow)$1,073.55$1,341.48$1,405.34$1,295.89
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