Mortgage Calculators
Compare Two Mortgage Schemes
It is not usually easy to accurately compare mortgages
that have different interest rates, introductory offers,
application fees, cashback amounts and other such intricacies.
However, if you have all of the details regarding two mortgage
schemes, this calculator does all of the maths for you.
Simply fill in all of the required fields below and this
calculator will work out the internal rate of return of
the two scheme, as well as the APR.
Both the Internal Rate of Return and the Annual Percentage
Rate give an annual interest rate which accurately reflects
every payment made on the loan, including fees and costs.
The main difference between APR and the Internal Rate of
Return, is that APR is always measured over the full life
of a loan term, whereas the Internal Rate of Return allows
you to compare the products over any length of time. This
is more suitable when you consider that the average life
of a mortgage is only 6 or 7 years.
Please note:
This calculator should be used for indicative purposes only
and should not be taken as representing advice. Always get
a full quotation from your lender or other professional
adviser before purchasing a mortgage product. Because of
differences in the method of calculation, APR can vary slightly
across lenders for products which are essentially the same.
