Mortgage Comparison Calculator
Compare two mortgage scenarios side by side to find the better deal.
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This tool is for informational and educational purposes only. It is not a substitute for professional financial, medical, legal, or engineering advice. See Terms of Service.
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Request a ToolHow to Use the Mortgage Comparison Calculator
This calculator helps you decide between two mortgage options by showing the full cost of each:
- Enter Loan A details. Set the loan amount, interest rate, and term for your first scenario. This could be a 30-year fixed at one rate.
- Enter Loan B details. Set the second scenario. Common comparisons: 15 vs 30 year, two different rates, or different loan amounts after varying down payments.
- Compare results. The calculator shows which loan saves more money overall. The comparison table breaks down monthly payment, total interest, and total cost for each option.
Try comparing: a 30-year at 6.5% vs a 15-year at 5.75%, or the same term at two different rates from different lenders. The total interest difference is often eye-opening.
About Mortgage Comparisons
Choosing between mortgage options is one of the biggest financial decisions you will make. A small difference in rate or term can mean tens of thousands of dollars over the life of the loan. For example, on a $280,000 loan, the difference between 6.5% and 6.0% over 30 years is roughly $33,000 in total interest.
When comparing loans, look beyond the monthly payment. A lower monthly payment (longer term) usually means more total interest. A higher monthly payment (shorter term or lower rate) costs less overall. This calculator shows both perspectives so you can choose what fits your budget and goals.
Frequently Asked Questions
Is a 15-year or 30-year mortgage better?
A 15-year mortgage saves significantly on total interest (often $100,000+) and usually has a lower rate. A 30-year mortgage has a lower monthly payment, giving you more cash flow flexibility. Choose 15 years if you can comfortably afford the higher payment. Choose 30 years if you need the lower payment or want to invest the difference.
How much does a 0.5% rate difference matter?
On a $280,000 30-year loan, 0.5% saves about $30,000 in total interest and roughly $80/month. On a 15-year loan, the savings are smaller because less interest accrues. Even a 0.25% difference is worth negotiating for.
Should I compare APR or interest rate?
APR (Annual Percentage Rate) includes fees and closing costs rolled into the rate, making it better for comparing the true cost of different loan offers. The interest rate alone does not account for fees. When comparing two offers, use APR for an apples-to-apples comparison.