Mortgage Cash Back
See what's better - a mortgage with a lower interest rate or one with a higher rate and a cash back offer.
| Use nominal or present value calculation? |
|
|
(Lower interest rate)
|
(Higher interest rate)
|
| Scenario names |
Scenario 1
|
Scenario 2
|
| Mortgage amount |
200,000
|
200,000
|
| Interest rate |
2.10%
|
2.25%
Input Error: Interest Rate
The maximum value you can enter is 20%. |
| Cash back amount |
|
1,500
|
| Payment frequency |
|
|
| Amortization (in months) |
300
|
300
Input Error: Amortization
The maximum value you can enter is 300. |
| Amortization (in years) |
25.00
|
25.00
|
| Term (in months) |
60
|
60
|
| Term (in years) |
5.00
|
5.00
|
| Results |
Scenario 1
|
Scenario 2
|
| Term interest |
$19,287.62
|
$20,689.34
|
| Cash back amount |
$0.00
|
$1500.00
|
| Net Term interest |
$19,287.62
|
$19,189.34
|
Net Term Interest
Difference
Disclaimer
