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Mortgage Comparison Calculator
Compare Home Financing Alternatives
with the Mortgage Comparison Calculator
Are you aware that there's more to home financing than just financing your home? Mortgages are an integral part of your overall financial strategy. Different financing alternatives may affect your cash flow and long-term investments.
The Merrill Lynch Mortgage Comparison Calculator enables you to easily make powerful side-by-side comparisons between mortgage alternatives and consider how different mortgage product choices can impact your financial situation. Simply provide the data requested below and click on the "Compare Products" button at the bottom of the page.
This tool, along with a Merrill Lynch Financial Advisor, can help you make smart and informed choices for your overall financial situation. For more information about our mortgage products, visit the
Home Financing Product Information
section of our site. Visit the
Contact Us
page if you would like to e-mail us a question or comment about the Mortgage Comparison Calculator.
Rates are as of
5/16/2008 11:05 AM
.
Important
Projections are based on investment returns and interest rate assumptions, which may vary significantly from actual interest rates and returns. Make sure to consider alternate assumptions to better understand potential outcomes. The footnotes to the comparison you will create include important disclosure information (including APR) for products offered by Merrill Lynch Credit Corporation based upon interest rates available as of the date of this comparison. See Important Loan Disclosures on next screen.
General Information
Property Value/Purchase Price
$
How many years do you plan to live in the home or
hold the mortgage?
(the "Holding Period")
years
Expected return on investments
(Maximum of 15%)
%
Number of products to compare
2
3
Product and Down Payment Comparison
Product One
Select Product
Select-Product
1-Mo PrimeFirst I/O
6-Mo PrimeFirst I/O
3-Yr Blended Rate 1-Month Interest-Only ARM
5-Yr Blended Rate 1-Month Interest-Only ARM
7-Yr Blended Rate 1-Month Interest-Only ARM
3-Yr Blended Rate 6-Month Interest-Only ARM
5-Yr Blended Rate 6-Month Interest-Only ARM
7-Yr Blended Rate 6-Month Interest-Only ARM
2-Yr Interest Only Fixed-to-Adjustable
3-Yr Interest Only Fixed-to-Adjustable
5-Yr Interest Only Fixed-to-Adjustable
7-Yr Interest Only Fixed-to-Adjustable
10-Yr Interest Only Fixed-to-Adjustable
12-Yr Interest Only Fixed-to-Adjustable
3-Yr Amortized Fixed-to-Adjustable
5-Yr Amortized Fixed-to-Adjustable
7-Yr Amortized Fixed-to-Adjustable
10-Yr Amortized Fixed-to-Adjustable
Interest-Only Fixed-Rate
10-Yr Fixed
15-Yr Fixed
20-Yr Fixed
25-Yr Fixed
30-Yr Fixed
40-Yr Fixed
25-Yr Home Equity Line of Credit
30-Yr Home Equity Line of Credit
Down Payment/Current Equity
Percent
Dollar Amount
%
Loan Amount
Loan-to-Value
Conforming
Product Two
Select Product
Select-Product
1-Mo PrimeFirst I/O
6-Mo PrimeFirst I/O
3-Yr Blended Rate 1-Month Interest-Only ARM
5-Yr Blended Rate 1-Month Interest-Only ARM
7-Yr Blended Rate 1-Month Interest-Only ARM
3-Yr Blended Rate 6-Month Interest-Only ARM
5-Yr Blended Rate 6-Month Interest-Only ARM
7-Yr Blended Rate 6-Month Interest-Only ARM
2-Yr Interest Only Fixed-to-Adjustable
3-Yr Interest Only Fixed-to-Adjustable
5-Yr Interest Only Fixed-to-Adjustable
7-Yr Interest Only Fixed-to-Adjustable
10-Yr Interest Only Fixed-to-Adjustable
12-Yr Interest Only Fixed-to-Adjustable
3-Yr Amortized Fixed-to-Adjustable
5-Yr Amortized Fixed-to-Adjustable
7-Yr Amortized Fixed-to-Adjustable
10-Yr Amortized Fixed-to-Adjustable
Interest-Only Fixed-Rate
10-Yr Fixed
15-Yr Fixed
20-Yr Fixed
25-Yr Fixed
30-Yr Fixed
40-Yr Fixed
25-Yr Home Equity Line of Credit
30-Yr Home Equity Line of Credit
Down Payment/Current Equity
Percent
Dollar Amount
%
Loan Amount
Loan-to-Value
Conforming
Product Three
Select Product
Select-Product
1-Mo PrimeFirst I/O
6-Mo PrimeFirst I/O
3-Yr Blended Rate 1-Month Interest-Only ARM
5-Yr Blended Rate 1-Month Interest-Only ARM
7-Yr Blended Rate 1-Month Interest-Only ARM
3-Yr Blended Rate 6-Month Interest-Only ARM
5-Yr Blended Rate 6-Month Interest-Only ARM
7-Yr Blended Rate 6-Month Interest-Only ARM
2-Yr Interest Only Fixed-to-Adjustable
3-Yr Interest Only Fixed-to-Adjustable
5-Yr Interest Only Fixed-to-Adjustable
7-Yr Interest Only Fixed-to-Adjustable
10-Yr Interest Only Fixed-to-Adjustable
12-Yr Interest Only Fixed-to-Adjustable
3-Yr Amortized Fixed-to-Adjustable
5-Yr Amortized Fixed-to-Adjustable
7-Yr Amortized Fixed-to-Adjustable
10-Yr Amortized Fixed-to-Adjustable
Interest-Only Fixed-Rate
10-Yr Fixed
15-Yr Fixed
20-Yr Fixed
25-Yr Fixed
30-Yr Fixed
40-Yr Fixed
25-Yr Home Equity Line of Credit
30-Yr Home Equity Line of Credit
Down Payment/Current Equity
Percent
Dollar Amount
%
Loan Amount
Loan-to-Value
Conforming
Interest Rate Comparison
Product One
Select Rate/Point Combination
OR
Enter a
Hypothetical
Initial Interest Rate
%
Product Two
Select Rate/Point Combination
OR
Enter a
Hypothetical
Initial Interest Rate
%
Product Three
Select Rate/Point Combination
OR
Enter a
Hypothetical
Initial Interest Rate
%
Initial Subsequent Adjustment Rate
1
(The subsequent interest rate after fixed-rate or interest-only period of loan.
Change the adjustment rate to consider future interest rate environments.
The pre-populated rate is based on today's index + margin.
2
Rates are rounded to the nearest eighth in results.)
Product One
%
Product Two
%
Product Three
%
Periodic Rate Adjustment
(Check box if you would like to show a rate adjustment over a period of time, after the initial/first adjustment)
3
Product One
Product Two
Product Three
Range of Periodic Rate Adjustments
Year
Month
Year
Month
Amount of Adjustment
(will affect rate on each adjustment period)
%
Direction of Adjustment
Increase
Decrease
Frequency of Adjustment
Monthly
Semiannually
Annually
Range of Periodic Rate Adjustments
Year
Month
Year
Month
Amount of Adjustment
(will affect rate on each adjustment period)
%
Direction of Adjustment
Increase
Decrease
Frequency of Adjustment
Monthly
Semiannually
Annually
Range of Periodic Rate Adjustments
Year
Month
Year
Month
Amount of Adjustment
(will affect rate on each adjustment period)
%
Direction of Adjustment
Increase
Decrease
Frequency of Adjustment
Monthly
Semiannually
Annually
1
In order to provide a more accurate comparison, it is important to consider future rate adjustments. If the "holding period" extends beyond the fixed-rate or interest-only period of the loan, you will need to consider the Adjustment Interest Rate.
2
The pre-populated Initial Adjustment Interest Rate is calculated as follows:
2-Year Fixed-to-Adjustable—1 month LIBOR index plus a variable margin based on today’s pricing and the point option selected.
3-Year Fixed-to-Adjustable Conforming - 1 year LIBOR index plus a margin of 2.25%
3-Year Fixed-to-Adjustable Non-Conforming - 6 month LIBOR index plus a margin of 2.25%
5/7/10/12 Year Fixed-to-Adjustable- 1-year LIBOR index plus a margin of 2.25%
Blended-Rate products - 1 month LIBOR Index + 1.75% or 6 month LIBOR Index + 2%.
3
Manual rate scenarios will consider product specific periodic and lifetime rate caps and will make rate adjustments only at product specific adjustment intervals (i.e., every 6 months).