Mortgage Comparison Calculator - Compare Mortgage Scenarios
Free mortgage comparison calculator to compare different interest rates, loan terms, and down payments to find the best mortgage option for your situation
Mortgage Comparison Calculator
Comparison Results
What is a Mortgage Comparison Calculator?
A mortgage comparison calculator is a free financial tool that helps you compare different mortgage scenarios side by side. It calculates monthly payments, total interest, and total costs for different interest rates, loan terms, and down payment amounts.
Before comparing scenarios, use our mortgage rate calculator to explore current market rates and get quotes from different lenders.
This calculator helps with:
- Rate shopping - Compare different lender offers
- Term comparison - 15-year vs 30-year mortgage analysis
- Refinancing decisions - See if refinancing saves money
- Down payment impact - Compare different down payment scenarios
- Budget planning - Find the most affordable mortgage option
Key Comparison Metrics
Compare these key factors when evaluating mortgage options:
Monthly Payment
Total monthly cost including PITI
Total Interest
Lifetime interest cost of the loan
Total Cost
Principal + interest + taxes + insurance
Payment Difference
Monthly and total savings comparison
Common Comparison Scenarios
Rate Comparison
Compare current market rates vs. your offered rate to see potential savings.
Term Comparison
15-year vs 30-year mortgages: higher payments vs. lower total interest.
Refinancing Analysis
Compare current mortgage vs. new refinance terms and rates.
How to Use This Comparison Calculator
Enter Property Details
Input home price, down payment, property tax, and insurance
Set Scenario 1
Enter interest rate and loan term for first scenario
Set Scenario 2
Enter different rate/term for second scenario
Compare Results
View side-by-side comparison and savings
Benefits of Mortgage Comparison
- •Save Thousands: Find the mortgage option that saves you the most money over time.
- •Make Informed Decisions: Compare all costs and payments before choosing a mortgage.
- •Budget Planning: Understand exactly what you can afford with different scenarios.
- •Refinancing Analysis: Determine if refinancing will actually save you money.
Factors That Affect Your Comparison
Interest Rate Changes
Even small rate differences (0.25%) can result in significant savings over 30 years.
Loan Term Length
Shorter terms mean higher payments but dramatically lower total interest costs.
Down Payment Amount
Larger down payments reduce loan amount and monthly payments significantly.
Considering refinancing? Use our mortgage refinance calculator to compare your current mortgage with potential refinance scenarios and calculate break-even points.
Determining how much house you can afford? Our home affordability calculator helps you find your price range before comparing specific mortgage options.
Related Calculators
Explore these complementary calculators to make better financial decisions
Mortgage Rate Calculator
Explore current mortgage rates for comparison
Mortgage Refinance Calculator
Compare current mortgage with refinance options
Mortgage Calculator
Calculate individual mortgage payments for comparison
💡 Pro Tip: Combining multiple calculators gives you a comprehensive financial picture
Frequently Asked Questions
Common questions about mortgage comparison and calculation
What is a mortgage comparison calculator?
A mortgage comparison calculator helps you compare different mortgage scenarios side by side, including different interest rates, loan terms, and down payments to see which option saves you the most money.
How do I compare different mortgage rates?
Enter your home price, down payment, and property costs once, then input different interest rates and loan terms for each scenario. The calculator will show you the monthly payment difference and total savings.
Should I choose a 15-year or 30-year mortgage?
Use the comparison calculator to see the difference. 15-year mortgages have higher monthly payments but significantly lower total interest costs. 30-year mortgages have lower payments but much higher total interest.
How much can I save by getting a lower interest rate?
Even a 0.25% rate reduction can save thousands in interest over the life of your loan. Use the comparison calculator to see the exact savings for your specific situation.
Does this include all mortgage costs?
This calculator includes principal, interest, taxes, and insurance (PITI). It doesn't include PMI, closing costs, or other fees that should be considered separately.
How accurate are these comparison calculations?
The calculations are very accurate for comparing mortgage scenarios. However, actual rates and terms may vary based on your credit score, lender requirements, and market conditions.
Can I compare different down payments?
Yes, you can enter different down payment amounts for each scenario to see how it affects your monthly payments and total loan costs.
How do property taxes affect the comparison?
Property taxes are the same for both scenarios since they depend on the home's assessed value, not the mortgage terms. The calculator includes them in the total monthly payment.