Is the lowest mortgage rate always best?

No. Points, closing costs and ownership period also matter.

Home Loan Comparison Tool

Mortgage Comparison Calculator

Compare two mortgage offers using principal-and-interest payments, rates, points, closing costs and total borrowing cost.

Enter two mortgage offers

Mortgage comparison results

What is a mortgage comparison calculator?

This calculator compares two fixed-rate mortgage offers using monthly principal and interest, total interest, lender points and closing costs. Property tax, insurance, HOA fees and mortgage insurance are entered separately because they may not differ by lender.

How to compare mortgage offers

1. Match loan amounts

Use the same loan balance when comparing lender quotes.

2. Add lender costs

Include points and closing costs rather than comparing rates alone.

3. Review your time horizon

A lower rate with high upfront costs may require years to break even.

Important mortgage comparison factors

Compare interest rate, APR, points, lender credits, required cash at closing, monthly payment and the length of time you expect to keep the mortgage.

Frequently asked questions

Are points included?

Yes. One point equals one percent of the loan amount.

Does the payment include taxes and insurance?

The calculator shows them separately and adds them to the estimated total monthly housing payment.

Is the lowest rate always best?

No. Closing costs, points and your expected ownership period can change which offer costs less.