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	%		%

Please note: This calculator should be used for indicative purposes only and should not be taken as representing advice. Always get a full quotation from your lender or other professional adviser before purchasing a mortgage product. Because of differences in the method of calculation, APR can vary slightly across lenders for products which are essentially the same.