While shopping for a home mortgage loan, you will be presented with different loan options. Plugging this information into the loan comparison calculator will allow you to determine which one is the best option for you. This also goes for business loans as well to determine your business line of credit to make repayments more manageable.
If your loan is for $250,000.00, you might be able to choose a 30-year loan with an interest rate of five percent and an application fees plus stamp duty of $1,200.00. You might also be offered a 30-year loan with an interest rate of 4. percent and application fees and stamp duty of $700.00. Alternatively you could look into as many low interest personal loans as you can find and see which one you would rather take out against your name.
The first loan would come to $1,334.23 per month and the second loan would be $1,260.54.
You will thus pay less with the second loan. In fact, you will SAVE $26,527.61 with the SECOND loan because the first one would cost a total of $480,321.61 and the second would be $453,794.00.
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it’s applicability to your financial situation. Please consult your own financial advisor.