Mortgage Comparison Calculator
Compare two loan options side-by-side — monthly payments, total interest, and lifetime cost with taxes, insurance, HOA, and PMI included.
How to Use the Mortgage Comparison Calculator
Four inputs per loan option — that’s all it takes to get a complete side-by-side monthly payment breakdown, total interest comparison, and downloadable PDF you can share with your lender or agent.
Enter Shared Property Expenses
Start with the costs that apply to both loan options: your annual property tax, annual homeowners insurance premium, and monthly HOA dues (if any). These shared expenses affect both calculations equally — enter them once and the calculator applies them to both options automatically.
Set Up Loan Option A
Enter the loan amount, interest rate, and term for your first scenario. Use the rate slider to explore how small rate changes affect the outcome. If Option A involves a down payment under 20%, add your estimated monthly PMI. Option A defaults to a 30-year at 6.5% — the most common comparison baseline.
Set Up Loan Option B
Enter your second scenario — a different term, a different rate, a different loan amount, or a different PMI situation. Common comparisons: 30-year at one lender’s rate vs. 15-year at another’s, or 5% down (with PMI) vs. 20% down (PMI-free). Option B defaults to a 15-year at 5.75% to illustrate the classic trade-off.
Review Results & Download the PDF
Click “Compare loans” to instantly see Option A and Option B monthly payments side by side, a winner determination, per-option PITI breakdowns, total interest for each, and a two-chart visual comparison. Download the PDF report and share it with your loan officer, real estate agent, or financial advisor before making your final decision.
Every Number This Calculator Computes and Compares
Most mortgage calculators only show you P&I. This one shows you the full monthly housing cost for both scenarios — so you’re comparing apples to apples, not just interest rates.
Total Monthly Payment — PITI + PMI + HOA
The complete monthly housing cost for each option: Principal, Interest, property Tax (monthly escrow), homeowners Insurance (monthly escrow), PMI (if applicable), and HOA dues. This is the number your lender uses to calculate your debt-to-income ratio — and the number that actually comes out of your account each month.
Monthly P&I Breakdown Per Option
Each option’s principal and interest component is calculated separately and displayed alongside taxes, insurance, HOA, and PMI so you can see exactly how much of each monthly payment is going toward the loan vs. escrow. The stacked bar chart visualizes this split for both options simultaneously.
Total Interest Paid — Life of Each Loan
The total dollar amount of interest you’ll pay over the full term of each loan, assuming you make only the minimum payment and never refinance. This is often the most shocking number — a 30-year mortgage at 6.5% on $350,000 generates over $434,000 in total interest. Seeing this figure next to a 15-year alternative is often the reason buyers choose to stretch their budget.
Monthly Payment Difference & Winner Badge
The calculator identifies which option has the lower monthly payment and by how much — and pairs this with the total interest comparison so you can see the trade-off in one view. A lower monthly payment doesn’t always mean a cheaper loan overall, and a higher payment doesn’t always mean you’re getting a worse deal.
Total Interest Savings
The net difference in total interest between Option A and Option B over their respective full terms. Displayed prominently in the summary cards so you can see at a glance how much one option saves compared to the other in absolute dollars — not just rate percentage points, which can be deceptive on large loan balances.
Downloadable PDF Comparison Report
A professional, branded report with a dual hero card showing both monthly totals, a 12-row side-by-side comparison table (Metric / Option A / Option B), six summary cards, and a disclaimer — ready to share with your lender, real estate agent, or co-borrower. Save it, email it, or bring it to your loan application meeting.
Key Mortgage Comparison Facts Every U.S. Buyer Should Know
How Different Buyers Use the Mortgage Comparison Calculator
Every comparison scenario is different — a 30 vs. 15-year decision looks nothing like a down payment strategy analysis. Here’s how three common buyer types put this tool to work.
30-Year vs. 15-Year Comparers
Most common comparisonYou qualify for both a 30-year and a 15-year mortgage and want the cold, hard numbers before deciding. Enter the same loan amount into both options with each loan’s quoted rate and term — the calculator will show you exactly how much more you’d pay monthly on the 15-year, and exactly how much total interest you’d save by committing to it.
- Set Option A: 30-year at your 30-year quoted rate
- Set Option B: 15-year at your 15-year quoted rate (usually 0.5–0.75% lower)
- Check the monthly difference — can your budget absorb it consistently?
- Check the interest savings — is the total dollar figure worth the commitment?
Down Payment Strategists
PMI vs. cash-out analysisYou’re weighing 10% down (keep more cash, pay PMI for several years) against 20% down (exhaust more savings, skip PMI entirely). Use the calculator to model both scenarios with realistic PMI cost estimates and see the exact monthly difference and total cost comparison side by side.
- Option A: lower loan balance (20% down), PMI = $0
- Option B: higher loan balance (10% down), PMI = ~$100–$200/mo
- PMI typically cancels at 20% equity — factor in how long that takes
- Consider the opportunity cost of the extra down payment cash if invested
Lender Rate Shoppers
Comparing two live quotesYou have Loan Estimates from two different lenders — same loan type, similar rates, but slightly different terms and fees. Enter each lender’s quoted rate into Option A and Option B with the same property expenses to see the monthly and lifetime cost difference in dollars, not fractions of a percent.
- Use the APR from each Loan Estimate, not just the advertised rate
- Same loan amount and term in both options for a true apples-to-apples view
- Even a 0.125% rate difference adds up to thousands over 30 years
- Download the PDF and show it to both lenders to negotiate a lower rate
7 Things to Compare Before You Choose a Mortgage
The mortgage with the lowest monthly payment isn’t always the best deal. And the one with the lowest interest rate isn’t always the cheapest loan. Here’s how to compare two mortgage options the right way.
Always Compare Total Cost, Not Just Monthly Payment
A 30-year loan always has a lower monthly payment than a 15-year — but the 30-year borrower often pays two to three times more in total interest. Monthly payment is a cash-flow metric. Total interest is a wealth metric. If you can afford the higher monthly payment, the total cost comparison almost always favors the shorter term. The calculator shows you both numbers so you don’t have to choose what to optimize for blind.
Factor PMI Into Your Down Payment Decision
If Option A has 20% down (no PMI) and Option B has 10% down (with PMI), Option B’s monthly payment is higher than it appears from the interest rate alone. PMI typically costs 0.5%–1.5% of your loan balance per year — roughly $100–$300/month on a $250,000 loan — and continues until you reach 20% equity. Always include your estimated PMI in the comparison to see the true monthly cost difference between low and high down payment scenarios.
Understand What Goes Into Your Monthly Payment (PITI)
When a lender quotes you a monthly payment, it typically includes Principal (loan paydown), Interest (cost of borrowing), Taxes (property tax escrowed monthly), and Insurance (homeowners insurance escrowed monthly) — collectively called PITI. Many borrowers are shocked when their actual payment is $300–$500 higher than the P&I number they saw in an ad. This calculator shows you the full PITI picture for both options so there are no surprises at closing.
Compare APR, Not Just the Interest Rate
The interest rate tells you what it costs to borrow. The APR (Annual Percentage Rate) tells you what the loan actually costs when lender fees are included. Two loans at the same rate can have very different APRs if one charges higher origination fees or discount points. When comparing lender quotes, use the APR from each Loan Estimate for a true comparison — not the headline rate from each lender’s website or ad.
Check Whether Either Option Includes Discount Points
Discount points are upfront fees paid to “buy down” your interest rate — typically 1 point = 1% of the loan = 0.25% rate reduction. If Lender A’s lower rate comes from 2 discount points ($7,000 on a $350,000 loan), that’s not a free lunch — it’s prepaid interest with a multi-year break-even. Calculate whether you’ll stay in the home long enough to recoup the cost of the points through the lower monthly payment before choosing the option with the bought-down rate.
Don’t Forget Closing Costs When Comparing Lender Offers
Closing costs — lender origination fees, title insurance, appraisal, recording fees — typically run 2%–5% of the loan and differ between lenders. A lender with a lower rate but $5,000 more in closing costs may cost you more than a lender with a slightly higher rate and lower fees, depending on how long you keep the loan. Compare Loan Estimates side by side, not just quoted rates, to see the full cost picture.
Run the Comparison Before You Rate-Lock
Once you lock your rate with a lender, switching to a different loan product or lender typically means losing your lock fee and potentially losing the rate itself. Run the comparison calculator with every quote you receive before locking — especially if you’re on the fence between loan terms or down payment amounts. The five minutes it takes to compare two scenarios properly can be worth thousands of dollars over the life of your loan.
Mortgage Comparison FAQ
Real questions from U.S. homebuyers comparing mortgage options — answered plainly and without the sales pitch.
Important disclaimer: All figures produced by this calculator are estimates for educational and comparison purposes only and do not constitute financial, legal, or mortgage advice. Monthly payment calculations use the standard amortization formula and do not account for escrow adjustments, property tax reassessments, insurance renewals, HOA fee increases, or lender-specific fees. PMI estimates are illustrative only — actual PMI rates depend on your credit score, loan-to-value ratio, and lender. Total interest comparisons assume each loan runs to its full term with minimum required payments only. APR and lender fee comparisons require reviewing the official Loan Estimate provided by each lender under RESPA/TILA. Always consult a licensed mortgage professional before making a financing decision. HomeExpertly is not a lender, mortgage broker, or financial advisor.