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Mortgage Comparison Calculator
Which loan offer is better?
Compare rates, terms, and closing costs side-by-side.
Compare Two Loan Options Side-by-Side
Evaluate monthly payments, interest, and total costs before you choose a lender.
Use This For
- Comparing points vs higher rates
- 15-year vs 30-year decisions
- Shopping multiple lender quotes
What You'll Get
- Best monthly payment option
- Lowest lifetime cost option
- Side-by-side comparison chart
Quick Result
Lowest Monthly Payment
Option B
Saves $122/mo
Lowest Total Cost
Option B
Saves $39,773 total
Based on
- • Loan Amount: $300,000
- • Option A: 6.5% for 30 years
- • Option B: 5.875% for 30 years
ALoan Option A
BLoan Option B
Lowest Monthly Payment
Option B
Saves $122/moLowest Total Cost
Option B
Saves $39,773 totalSide-by-Side Comparison
| Metric | Option A | Option B |
|---|---|---|
| Monthly P&I | $1,896 | $1,775 |
| Total Interest | $382,633 | $338,861 |
| Upfront Fees | $2,000 | $6,000 |
| Total Lifetime Cost | $684,633 | $644,861 |
This tool is for illustrative purposes only and does not constitute professional financial, tax, or legal advice. Calculations are estimates and may not reflect real-world variables or local regulations. Always consult with a qualified professional before making financial decisions.
Methodology and Trust
Formulas
Monthly Payment
P = (r * L) / (1 - (1 + r)^-N)
Calculated separately for each loan option.
Total Cost
Total Cost = Total Paid + Fees
Includes interest paid plus upfront fees/points.
Recommended Next Steps
Continue your journey with these related tools
How to Compare Mortgage Offers
Key Insights & Concepts
When shopping for a mortgage, you will receive a standard document called a Loan Estimate from each lender. Comparing these side-by-side is the only way to ensure you're getting the best deal.
Key Comparison Points
- APR vs Interest Rate: The APR (Annual Percentage Rate) includes the fees. A lower rate with high fees might have a higher APR than a slightly higher rate with no fees.
- Break-Even Point: If you pay "points" (upfront fees) to lower your rate, calculate how many months it takes for the monthly savings to equal the upfront cost.
- Loan Term: A 15-year loan has higher monthly payments but dramatically lower total interest than a 30-year loan.