It is not usually easy to accurately compare mortgages that have different interest rates, introductory offers, application fees, cashback amounts and other such intricacies. However, if you have all of the details regarding two mortgage schemes, this calculator does all of the maths for you. Simply fill in all of the required fields below and this calculator will work out the internal rate of return of the two scheme, as well as the APR.

Both the Internal Rate of Return and the Annual Percentage Rate give an annual interest rate which accurately reflects every payment made on the loan, including fees and costs. The main difference between APR and the Internal Rate of Return, is that APR is always measured over the full life of a loan term, whereas the Internal Rate of Return allows you to compare the products over any length of time. This is more suitable when you consider that the average life of a mortgage is only 6 or 7 years.

	Mortgage A	Mortgage B
Loan required:
Full term in years:
Assumed mortgage life:
Enter R for repayment Enter N for interest only:
Initial interest rate:
Changing after:
To new interest rate of:
Rests per year (1 to 365)
Initial Costs

Check the boxes to add these initial costs to the loan.
Leave blank to pay them up front.

Valuation fee
Application fee
Mortgage indemnity guarantee
Lender legal fees
Other mortgage related costs
Enter any initial refunds
Cashback
Other refunds
Enter any monthly costs
Eg compulsory mortgage protection insurance premium.
Enter any redemption fees
Fixed redemption charge
Redemption as months
Redemption as percentage
Monthly payments & IRR
Initial advance
Initial mortgage payment
Subsequent repayments
Total payments over comparison period

Internal Rate of Return	%		%
Annual Percentage Rate	%		%

Work out weekly and monthly totals for any number of people sharing.

Calculate whether you're better off to buy or rent, given a variety of costs, returns and other factors.

Calculate your monthly mortgage repayments over a set term or the whole life of a mortgage.

Get a tabular or visual idea of what your payments will be like during the term of your repayment mortgage.

The APR for a mortgage rate might be quoted, but you can still compare 2 schemes using this calculator.

Even if a remortgage offers a cheaper deal, switching costs such as early redemption penalties can make it a financially unwise move.

Examine the Return On Investment generated by rental property and the effect that mortgage borrowing has on the returns enjoyed.

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