If you do an internet search on loan comparison calculators, the results are likely to be overwhelming.
Virtually every company that has even peripheral involvement with home loans and mortgages offers some type of automated comparison calculator or tool. Likewise, both the Apple and the Android app stores offer dozens – if not hundreds – of options for download.
If you are in search of the best loan comparison calculator for business or personal use, Clarity Quote has some helpful tips and tricks to help you choose the best option for your needs.
What Is a Loan Comparison Calculator?
Although this answer might seem overly obvious, not all of these tools are created equally.
Many loan calculators are designed to help you determine how much your monthly house payment might be, based on the loan amount, term and interest rate you input. Others might let you compare between a fixed rate and an adjustable rate home loan. These basic tools can be helpful for showing you how much you might have to budget for your house payment, if you’re considering a home purchase. Unfortunately, the don’t really provide much more information than that.
When you look for a calculator that can compare two or more home loans, however, it can become a challenge to get meaningful, reliable data.
What Should Loan Comparison Calculators Include?
The answer to this question is based on your specific goals and objectives.
Are you looking for a new home loan for buying a house, or are you considering refinancing your existing house? Are you curious what making extra payments could mean for getting your existing mortgage paid off? Perhaps you’re curious how buying a slightly less expensive might affect your total interest paid over the life of the loan.
Let’s consider the refinance example. It can be especially difficult to determine whether a specific refinance loan makes more sense than the loan you have. A really good loan comparison calculator can answer that question and show you exactly why it is or is not.
What Is the Best Loan Comparison Calculator?
Once you know what you can and should be looking at, the next challenge is finding a calculator that provides that level of detail and analysis.
The first step in selecting the right mortgage loan comparison calculator is finding one that is not tied to any specific bank, mortgage broker, etc. Even many of the seemingly neutral financial information sites are supported by advertisers, the presence of which is not always obvious.
Look for a tool similar to the one offered by Clarity Quote. We offer multiple financial calculators, each designed to deliver on a specific set of criteria. No one size loan comparison calculator fits all. Trust us to provide all the tools you need to #MakeBetterMortgageDecisions.