Compare a "no-cost" versus traditional mortgage

Many lenders will offer a "no-cost" loan in lieu of a traditional mortgage. 'No-cost' loans are generally priced at a higher interest rate than a traditional mortgage. Use this calculator to help determine if a no-cost loan with your lender is better than a traditional mortgage.

Mortgage Rates and Assumptions

Amount of loan $
Number of years (1-40)
  No-Cost Loan Traditional Mortgage
Annual interest rate: (0-30) % (0-30) %

Traditional Loan Closing Costs

Discount points: (% of loan) (0-5) %
Origination fees: (% of loan) (0-5) %
Lender fees: (processing and underwriting) $
Credit report $
Appraisal $
Title insurance $
Reconveyance fee $
Recording fee $
Wire and courier feel $
Endorsement feel $
Title closing fee $
Document preparation $
Other fees $
How do you plan to pay closing costs?

Comparison Assumptions

Comparison options/cost of money: % (0-30) %
Marginal tax bracket: (0-50) %
Years to compare total costs: (1-40)
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This calculator is provided by Financial Calculators, Inc., and is intended solely for general information and education purposes. You should not take any action on the basis of the information provided through this calculator. Please see the disclaimer for further information and limitations.
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