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Which Loan is Better?

Input Information
  Loan 1 Loan 2
Amount : (R)
Interest Rate : (%) (%)
Length : (Yrs) (Yrs)
App. Fees and Stamp Duty : (R) (R)
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To Email Address :
Name :
Phone # :

Financial Analysis (Switch to Plain English)
  Loan 1 Loan 2
Total Fees and Stamp Duty R1,200.00 R700.00
Amount Financed R250,000.00 R250,000.00
Monthly Principal & Interests : R1,342.05 R1,266.71
Total Monthly Payments : R483,139.46 R456,016.78
Payment Savings : R0.00 R27,122.68
Plain English Help (Switch to Financial Analysis)

While shopping for a home mortgage loan, you will be presented with different loan options. Plugging this information into the loan comparison calculator will allow you to determine which one is the best option for you.

If your loan is for R250,000.00, you might be able to choose a 30 year loan with an interest rate of 5.000% and an application fees plus stamp duty of R1,200.00. Or, you might be offered a 30 year loan with an interest rate of 4.500% and application fees and stamp duty of R700.00.

The first loan would come to R1,342.05 per month and the second loan would be R1,266.71.

When all is said in done, you will also pay less with the second loan. In fact, you will SAVE R27,122.68 with the SECOND loan because the first one would cost a total of R483,139.46 and the second would be R456,016.78.

     
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