Mortgage Comparison Calculator

What this tool does

Calculate mortgage comparison from your own entered figures. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

How to use the Mortgage Comparison Calculator

1. Enter or select loan amount (same for all offers).
2. Enter or select years you expect to keep the loan.
3. Enter or select offer 1 rate (%).
4. Enter or select offer 1 term (months).
5. Enter or select offer 1 closing fees.
6. Enter or select offer 2 rate (%).
7. Enter or select offer 2 term (months).
8. Enter or select offer 2 closing fees.
9. Enter or select offer 3 rate (%) — 0 to skip.
10. Enter or select offer 3 term (months).
11. Enter or select offer 3 closing fees.
12. Read the calculated result; change any measurement to compare alternatives.

Formula

for each offer: cost over your horizon = fees + interest paid in the first horizon months + the balance still owed at the horizon; the cheapest offer is the one with the lowest horizon cost, not the lowest payment

loan

Loan amount (same for all offers)

horizonYears

Years you expect to keep the loan

rate1

Offer 1 rate (%)

term1

Offer 1 term (months)

fees1

Offer 1 closing fees

rate2

Offer 2 rate (%)

term2

Offer 2 term (months)

fees2

Offer 2 closing fees

rate3

Offer 3 rate (%) — 0 to skip

term3

Offer 3 term (months)

fees3

Offer 3 closing fees

Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Worked example

For mortgage comparison calculator, the following measurements illustrate the exact method: Loan amount (same for all offers): 320000; Years you expect to keep the loan: 7; Offer 1 rate (%): 6.25; Offer 1 term (months): 360; Offer 1 closing fees: 4000; Offer 2 rate (%): 6.75; Offer 2 term (months): 360; Offer 2 closing fees: 1500; Offer 3 rate (%) — 0 to skip: 6.5; Offer 3 term (months): 180; Offer 3 closing fees: 2500.

Results explained

Cheapest over 7 years

Cheapest over 7 years from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Offer 1 monthly payment

Offer 1 monthly payment from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Offer 1 cost over horizon (fees + interest)

Offer 1 cost over horizon (fees + interest) from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Offer 1 balance left at horizon

Offer 1 balance left at horizon from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Offer 1 lifetime interest

Offer 1 lifetime interest from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Offer 2 monthly payment

Offer 2 monthly payment from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Offer 2 cost over horizon (fees + interest)

Offer 2 cost over horizon (fees + interest) from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Offer 2 balance left at horizon

Offer 2 balance left at horizon from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Offer 2 lifetime interest

Offer 2 lifetime interest from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Offer 3 monthly payment

Offer 3 monthly payment from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Offer 3 cost over horizon (fees + interest)

Offer 3 cost over horizon (fees + interest) from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Offer 3 balance left at horizon

Offer 3 balance left at horizon from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Offer 3 lifetime interest

Offer 3 lifetime interest from the formula above. Same loan amount for every offer; points are entered as part of closing fees. Tax/insurance/HOA are identical across offers and excluded.

Frequently asked questions