A principal and Interest loan calculator with a honeymoon rate and period with the addition of calculating the comparison rate.
The Comparison rate takes into account all periodic fees, establishment fees and discharge fees. It can give you a more accurate idea of how much you can expect to pay over the life of your loan.
Assumptions:
- Comparison rates in advertisements are calculated based on a 25yr term and a loan amount of $150,000 loan.
- Interest rates remain the same for the term of the loan.
- One year is 52 weeks exactly, a month is 52/12 weeks.
- Interest is calculated by compounding monthly.
- Repayments are made at the start of each period.
- It does not take into account up-front fees and monthly/annual account fees.
- Rounding is made at the end of the calculations and not at each payment period
- You can email your results to yourself and if you request, a copy of your results and contact information is sent to the web site owner.
- You can print your results for future reference.
- You should consult a finance professional before you make decisions based on this calculator.