The TOTAL COST of the loan includes not only the interest cost but also up-front costs like processing fees, administration fees, legal costs, mortgage fees etc. Some lenders bear some of these costs on your behalf while others may waive them. This calculator uses a discounted cash flow model to determine the total cost of the loan if you feed in the rates that you negotiate with the lender. The current tax savings levels as allowed by regulation are shown below by default. You will now have a SINGLE COST parameter that will help you compare rates across companies. If you need to find out the CHEAPEST LENDER on a total cost basis from among the standard home loan products available in the market, use the
Cheapest Loan Module.
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