Mortgage Comparison Calculator for Home Loan Costs
Compare monthly payments, payment gaps, and total repayment across up to three mortgage offers with different prices, rates, and terms.
Enter home price, down payment, rate, and term for two or three loans to compare monthly principal-and-interest payments and the lowest lifetime cost.
Mortgage Comparison Calculator for Home Loan Costs
Compare monthly payments, payment gaps, and total repayment across up to three mortgage offers with different prices, rates, and terms.
About the Mortgage Comparison Calculator
The mortgage comparison calculator lines up two or three fixed-rate offers on the same worksheet. Shoppers use it when one lender quotes a lower rate, another quotes a shorter term, or a larger down payment is on the table. For each offer, enter home price, down payment, interest rate, and term in years. Principal is price minus down payment. Offers 1 and 2 are required. Offer 3 is optional: leave term at 0 to ignore it.
Each monthly payment uses the standard amortization formula. Total cost for an offer is that payment times the number of months, which equals principal plus interest over the full term if no extras are made. The headline result is the lowest of those total costs, not the lowest monthly payment. A 15-year loan can win on total cost while losing on the monthly draft. Payment difference is the absolute gap between mortgage 1 and mortgage 2 payments so the two primary quotes are easy to scan.
Use the mortgage comparison calculator before locking a rate, when choosing 15 versus 30 years, and when a larger down payment would both shrink principal and possibly improve the rate. Taxes, insurance, PMI, points, and closing costs are excluded so the comparison stays on note-rate principal and interest. If two quotes include different origination fees, add those costs outside the form before calling one offer cheaper.
Write down which quote includes points or credits so a lower payment is not mistaken for a lower all-in price. The model assumes each loan runs to scheduled maturity at a fixed rate. Refinancing, sale, or extra principal would change realized cost. Rounding on a lender worksheet can differ by a few cents. Recalculate whenever a lock expires or the purchase price changes, and keep the same price definition in all three columns so a renovation budget in one offer is not compared with a list price in another.
Mortgage Comparison Calculator Examples
These worked examples use the same payment and total-cost formulas as the mortgage comparison calculator.
| Inputs | Result | Why it matters |
|---|---|---|
| Two $350,000 homes, $70,000 down, 30 years: 6.5% vs 6.0% | Payments $1,769.79 vs $1,678.74; difference $91.05; lowest total $604,346.93 | A half-point rate cut saves about $91 per month and wins on lifetime cost. |
| $400,000 price, $80,000 down, 6.25% for 30 years vs 15 years vs 5.875% for 30 years | Payments $1,970.30 vs $2,743.75 vs $1,892.92; lowest total $493,875.57 | The 15-year loan has the highest payment but the lowest total cost. |
| $450,000 price: 6.8% with $90,000 down vs 6.4% with $135,000 down, both 30 years | Payments $2,346.93 vs $1,970.34; difference $376.59; lowest total $709,323.70 | A larger down payment plus a slightly lower rate cuts both the draft and lifetime cost. |
How to Use the Mortgage Comparison Calculator
- Enter home price, down payment, rate, and term for the first mortgage offer.
- Enter the second offer the same way, and optionally a third offer (set term to 0 to skip it).
- Select Calculate to compare monthly payments, the gap between the first two payments, and the lowest total cost.
- Prefer the lowest total cost only if the higher monthly payment still fits the budget.
Mortgage Comparison Calculator FAQ
Why is the headline number total cost instead of payment?
The lowest monthly payment is not always the cheapest loan. A shorter term can cost less over the life of the mortgage even though the draft is higher.
How do I compare only two offers?
Fill mortgages 1 and 2 completely and leave mortgage 3 term at 0. A zero term tells the calculator to ignore the third column.
Are closing costs and points included?
No. The comparison is principal-and-interest only. Add origination fees and discount points separately when one quote is priced with more upfront cost.
Is home price the amount financed?
No. Principal is home price minus down payment for each offer. Entering an already-netted loan amount and a down payment would understate the principal.
Does the payment difference use mortgage 3?
No. Payment difference is the absolute gap between mortgage 1 and mortgage 2. Mortgage 3 still participates in the lowest-total-cost contest when its term is greater than zero.