The difference between a few decimal points on interest or a few dollars in fees can quickly add up over the life of a loan. Get started using a mortgage comparison calculator to see which offer is more manageable — even if that means opting for a higher interest rate or more fees.
How to use this mortgage comparison calculator
To get an accurate result, fill in all the fields.
- Enter how much you want to borrow under Loan amount.
- Type in your mortgage term in years under the Loan terms field.
- Enter the loan’s interest rate in the Interest rate field. Note that your monthly mortgage payments will vary depending on your interest rate, taxes, private mortgage insurance and other related fees. If you have this information available, enter the annual percentage rate (APR), which is the total cost of a loan and includes fees.
- Hit Calculate.
- Review your results.
The results will show you how much you can expect to pay for each mortgage over the life of the loan. But when comparing mortgages, it’s a good idea to compare all the specifics.
How to compare mortgages
Compare the following information to see how two mortgages stack up against each other:
- Loan lengths. The length of the loan determines how long you have to repay the loan and will affect the interest rate you pay.
- Mortgage rates. Verify whether interest rates are fixed or adjustable. Also compare APRs to quickly determine the total loan cost. The APR takes into account interest rates and all upfront lender and closing costs.
- Closing costs and fees. Compare closing costs and fees line by line to see if one mortgage provider is charging any excessive costs and fees that the other is not.
- Monthly principal and interest payment. Compare how much of your payment will go toward paying down the principal and how much will go toward interest.
- Down payment requirements. Look at how much each lender requires for a down payment.
- Points and lender credits. Points lower your interest rate in exchange for paying an upfront fee, while lender credits lower your closing costs in exchange for accepting a higher interest rate.
- Total monthly costs. These will include your principal and interest, mortgage insurance, property taxes, homeowners insurance and homeowner association dues, if applicable.
Are mortgages sold after they’re originated?
Federal banking laws permit banks and other companies to sell mortgages or transfer the servicing rights to other investors or institutions. In 2019, more than 84% of home-purchase loans were sold after origination.
While consumer consent is not required, the originating company or new services must notify you of the transfer. But even if your mortgage is sold, your mortgage rate, terms and other conditions will not change — these are locked into your contract.
Should I refinance my mortgage for a new one?
Refinancing depends on your unique situation. Generally, you could benefit from refinancing if your credit score has improved, you’ve recently closed other loans in your name or you have a higher salary than when you first took out your loan.
It might not be the right time to refinance if your credit score has recently taken a hit, you’ve been late on loan repayments or you took a pay cut since you took out your loan. It might also be difficult to qualify for more competitive rates and terms if you’ve taken on more debt since borrowing.
Compare mortgage lenders and brokers
Compare these lenders and lender marketplaces by the type of home loan you’re searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How can I take out multiple loans at once?
It’s possible to take out multiple loans at once, but it might not be a great idea. You might not qualify for the most competitive rates if you’re currently paying off multiple debts since that affects your debt-to-income ratio (DTI).
You also run the risk of overborrowing by going around a lender’s borrowing limits. This can make it difficult for you to afford your loan repayments and puts you more at risk for default.
Torn between two home loan offers? Thinking about refinancing? This mortgage comparison calculator can help you decide which is best.
Check out our first-time homebuyer guide for a complete walkthrough on how to borrow for your dream home.
More guides on Finder
FHA cash-out refinance: What to know
What is an FHA cash-out refinance and who is it best for?
Cash-out refinance rates
Check out current rates for cash-out refinancing.
Tax implications of a cash-out refinance
How a home cash-out refinance can affect your taxes — and it’s good news.
How to cash-out refinance a rental property
You’ll need a minimum credit score of 680, cash reserves and at least 25% equity to qualify.
Cash-out vs. no cash-out refinance
The choice of whether to get cash out when you refinance depends on your needs. We explain the key differences to help you narrow down your choice.
VA cash-out refinance
Lets you replace your current loan with a VA loan and get cash out.
How an FHA Streamline Refinance works
FHA Streamline Refinance: The pros, cons and benefits to borrowers.
Guaranteed Rate vs. Rocket Mortgage
How Guaranteed Rate and Rocket Mortgage stack up against each other.
Credible vs. SoFi
How Credible and SoFi stack up against each other.
SoFi vs. LendingTree
How SoFi and LendingTree stack up against each other.
Ask an Expert