Mortgage Loan Comparison Calculator

Enter the loan amount, interest rate, loan term, and estimated closing costs for each mortgage option. The calculator displays side-by-side comparisons of monthly payments, total interest, and total loan costs to help you choose the more cost-effective option.

Closing costs are the fees you pay to finalize a mortgage. They can include lender fees, title insurance, appraisal, and recording charges. These can differ significantly between lenders. The calculator factors them into your total cost so you can make a more accurate comparison.

The loan term is the number of years you'll repay the mortgage—typically 15 or 30 years. A longer term results in lower monthly payments but more interest paid over time. The calculator uses this to show how term length changes your loan cost.

Not necessarily. Lower payments might mean a longer loan term and more interest. This calculator helps you weigh short-term affordability against long-term cost, especially if you plan to stay in the home for only a few years.

No, this tool is focused on comparing principal and interest only. For a more complete monthly payment estimate including taxes and homeowners insurance, use the full PITI affordability calculator.

The calculator uses your gross monthly income, monthly debt payments, down payment, interest rate, and loan term to estimate the maximum home price you may qualify for. It applies standard debt-to-income (DTI) ratios based on typical mortgage guidelines.

Gross monthly income is the total amount you earn before taxes and deductions. Include salary, commissions, bonuses, alimony, or other income sources you can document. Divide your annual income by 12 if you're paid annually.

List all monthly obligations that appear on your credit report—such as auto loans, student loans, credit cards, and personal loans. Exclude rent and utilities unless required by your lender.

These are recurring costs paid as part of your monthly mortgage. Property tax rates vary by location (often 0.5%–1.25% annually). Homeowners insurance typically ranges from $800 to $2,000/year depending on home size and location. Use local averages or ask your real estate agent or lender.

Mortgage insurance (MI or PMI) protects the lender if you default. It's usually required if your down payment is less than 20%. You can enter an estimated monthly MI amount or use your lender's estimate if available—often 0.3%–1.5% of the loan annually, divided monthly.