Compare a "no-cost" versus traditional mortgage

Many lenders will offer a "no-cost" loan in lieu of a traditional mortgage. 'No-cost' loans are generally priced at a higher interest rate than a traditional mortgage. Use this calculator to help determine if a no-cost loan with your lender is better than a traditional mortgage.

Mortgage Rates and Assumptions
Amount of loan $
Number of years (1-40)
Annual Interest Rate: No-Cost Loan (0-30) %
Traditional Mortgage (0-30) %
Traditional Loan Closing Costs
Discount points: (% of loan) (0-5) %
Origination fees: (% of loan) (0-5) %
Lender fees: (processing and underwriting) $
Credit report $
Appraisal $
Title insurance $
Reconveyance fee $
Recording fee $
Wire and courier feel $
Endorsement feel $
Title closing fee $
Document preparation $
Other fees $
How do you plan to pay closing costs?
Comparison Assumptions
Comparison options/cost of money $ (0-30%)
Marginal tax bracket (0-50) %
Years to compare total costs (1-40)
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