Mortgage Comparison
Compare up to three mortgage offers side by side on the same loan amount. Enter the lender name, interest rate, term, fees/closing costs and discount points for each offer. The tool computes the monthly payment, total interest and total cost (including upfront fees and points) and highlights the cheapest total cost.
How to use
- 1
Enter the loan amount
This is the amount you are borrowing (purchase price minus down payment). All three offers share this loan amount.
- 2
Fill in each lender's offer
For each offer enter the lender name, annual interest rate, term in years, fees/closing costs and discount points (as a percentage of the loan amount).
- 3
Read the results
Each card shows the monthly payment, total interest over the full term, upfront cost (fees + points) and the total cost (sum of all payments plus upfront).
- 4
Pick the cheapest total cost
The cheapest offer is highlighted with a green border and trophy badge. Watch out — the lowest monthly payment is not always the cheapest total cost.
Common use cases
- Compare a 30-year offer with a 15-year offer on the same loan amount.
- Decide whether paying discount points upfront is worth it over your expected holding period.
- Weigh a low-rate offer with high fees against a higher-rate offer with low fees.
- Get a single number (total cost) to compare apples-to-apples across lenders.
Limitations
- This calculator produces an estimate only and is not professional financial, tax or investment advice. Always confirm the underlying formulae with your accountant, bank or financial advisor before making decisions.
- The model assumes a fixed-rate, fully-amortising loan. Adjustable-rate mortgages (ARMs), interest-only periods and balloon payments are not modelled.
- Discount points reduce the rate in real life; this tool does NOT adjust the rate based on the points you enter — enter the rate the lender quoted for that point tier.
- The "total cost" is the sum of all monthly payments plus upfront fees and points. It does not account for the time value of money — a proper net-present-value comparison would discount future payments.
- Property taxes, insurance, PMI and HOA dues are not included. Add them separately when budgeting your total monthly housing cost.
- If you expect to move or refinance before the end of the term, a shorter holding-period break-even analysis is more appropriate than full-term total cost.