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Mortgage Comparison Calculator

Compare two fixed-rate mortgage offers by payment, upfront costs, interest, remaining balance, and break-even timing.

Loan Details

$
years

Option A

%
years
$
$

Option B

%
years
$
$
Mortgage note: This compares fixed-rate principal, interest, closing costs, and optional monthly fees. Confirm APR, points, escrow, prepaids, and lender-specific terms before deciding.
Lower Cost Option
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Monthly Payment
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Cost Over Period
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Interest Difference
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Break-even
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Option A Summary

Monthly Payment
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Interest Paid
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Balance After Period
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Total Cost To Payoff
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Option B Summary

Monthly Payment
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Interest Paid
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Balance After Period
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Total Cost To Payoff
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Recommendation

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Calculation Steps

    Understanding Mortgage Comparisons

    A lower rate is not always the lower-cost offer once upfront costs and time horizon are included.

    Monthly Payment

    Monthly payment compares principal, interest, and monthly fees. It is useful for cash flow, but it is not the full cost of a mortgage offer.

    Closing Costs

    Closing costs are upfront cash or rolled costs. A lower-rate offer with higher closing costs may need months or years to break even.

    Comparison Period

    The comparison period is the time you expect to keep the loan. Short horizons make upfront costs more important; longer horizons make interest more important.

    Mortgage Comparison Examples

    Use these scenarios before choosing between loan estimates.

    Lower rate, higher points

    Compare the cheaper monthly payment against the extra closing cost to see whether the lower rate pays back before you sell or refinance.

    15-year vs 30-year

    A shorter term usually has a higher payment but much lower interest and a faster balance decline.

    Lender fee comparison

    Add monthly servicing or insurance-related fees to avoid choosing a lower rate with higher recurring costs.