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. By starting with a mortgage comparison calculator, you can see which offer is more affordable — 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 of the calculator fields. You can put in a 0 for any fees you don’t have to pay.
- Next to Loan term, select the amount of time you have to pay back both loans or the amount of time left on your current loan term along with the new loan term if you’re refinancing.
- Enter the amount you currently owe on a loan or would like to borrow for a new loan next to Loan amount.
- Next to Bank name, write your current lender’s name where it says My lender and a second lender’s name in the field that reads Other lender. Or enter the names of two lenders you’d like to compare.
- Put a 0 in the Fixed rate field if your rate hasn’t changed since you’ve taken out your loan or you’re applying for a new home loan. Otherwise, write the interest rate you qualified for when you first took out your loan.
- Write a 0 in the Fixed period for both loans if you skipped the previous step. Otherwise, enter the amount of time this rate applied to your loan.
- Next to Ongoing rate, enter your current interest rate on your loan or the rates you prequalified for with another lender.
- Write any one-time application or origination fees that you paid or will pay for your loan next to Upfront fees.
- Enter the total cost of all recurring fees either per month or per year next to Fees. Select Annually or Monthly depending on how often you’ll pay the fees.
- Enter the amount of any prepayment penalties next to Early repayment.
- Hit Calculate.
What do the calculator terms mean?
Use the definitions below to better understand the mortgage comparison calculator and compare your home loan options.
How much time you have to pay off a loan.
How much you receive when you take out a loan. Or, the balance left on your current loan that you’re interested in refinancing.
The original interest rate on a loan you’re currently paying off. Ignore the fixed rate if your interest rate hasn’t changed over time.
The amount of time that the original fixed rate applied to your loan.
The current interest rate you’re paying on your loan or the rate you might qualify for on a new loan.
Any one-time fee involved in the application process. Upfront fees include application fees, origination fees and processing fees. A legit lender that charges upfront fees will process payment when your funds are disbursed — not before.
All other recurring fees that you pay on a monthly or annual basis.
Early repayment fee
Also known as a prepayment penalty, this is the fee lenders sometimes charge if you pay off your loan before it’s due.
Fixed monthly repayments
How much you’d pay each month under the first interest rate during the fixed period.
Ongoing monthly repayments
How much you’d pay each month with the current or ongoing interest rate.
The total amount you’d pay for that loan including the principal, interest and fees.
Should I refinance my mortgage for a new one?
Refinancing depends on your unique situation. Generally, you might be able to 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.
Refinancing might not be a good choice 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 brokersCompare 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.
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 be able to 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.
Buying a second home with equity
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.
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