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Mortgage Comparison Calculator

Got multiple mortgage offers? Compare them side by side. We'll show you which one actually costs the least — because the lowest rate isn't always the best deal.

How to Use This Calculator

Enter the details for up to 3 mortgage offers. For each, input the loan amount, interest rate, term, points, and closing costs. The calculator compares everything side by side and highlights the best deal based on total cost.

Understanding Your Results

The total cost includes all interest, points, and closing costs — this is the true cost of each loan. APR gives you a standardized rate for comparison. The 5-year cost comparison is useful if you might move or refinance before the full term. The highlighted winner is the loan with the lowest total cost.

Pro Tips

  • ✓Always compare using the same loan amount across all offers for a fair comparison.
  • ✓If you plan to move in 5-7 years, a lower-cost ARM might save you more than a fixed rate.
  • ✓Negotiate — take your best offer to other lenders and ask them to match or beat it.
  • ✓Don't forget to compare non-financial factors: lender reputation, customer service, closing speed.

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Mortgage Payment

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Refinance

Calculate if refinancing your mortgage will save you money and how long until you break even.

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Amortization Schedule

Generate a complete month-by-month amortization schedule for your mortgage with extra payment options.

Frequently Asked Questions

How do I compare mortgage offers?▼
Look beyond the interest rate. Compare APR (which includes fees), total cost over the loan term, monthly payment, and total interest. Points and closing costs can make a lower-rate loan more expensive overall, especially if you don't stay long.
What are mortgage points and should I pay them?▼
Points are upfront interest payments that lower your rate. One point costs 1% of the loan amount and typically reduces the rate by 0.25%. Points make sense if you'll keep the loan long enough for monthly savings to exceed the upfront cost.
What is the difference between interest rate and APR?▼
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus fees, points, and other costs, giving you the true cost of the loan. APR is always equal to or higher than the interest rate.
Should I choose a 15-year or 30-year mortgage?▼
A 15-year mortgage has higher monthly payments but much lower total interest and a lower rate. Choose 15 years if you can comfortably afford the payment. A 30-year gives you flexibility with lower required payments — you can always pay extra.
Fixed rate vs ARM — which is better?▼
Fixed rates provide payment stability for the life of the loan. ARMs (Adjustable Rate Mortgages) start with lower rates but can increase after the initial period. ARMs can save money if you plan to sell or refinance within the fixed-rate period (typically 5-7 years).