Mortgage Comparison Calculator
Calculate two mortgage loans to see which one will save you money
It’s good to have mortgage loan options – but it’s difficult to know at a glance how different mortgages compare over the long term. That’s why we developed this mortgage comparison calculator: Use it to easily see the monthly payments and total interest costs of loans that have different terms, principal amounts, interest rates, or other variables.
How to use the mortgage comparison calculator
Start by entering the information for one loan, beginning with the loan amount. (You should first have an idea of how much you can borrow based on your income and other factors.) Do not include your down payment in this figure. Then, fill in the loan term in years, followed by the mortgage interest rate.
The following fields – loan origination charges, interest rate buy-down amounts, and other settlement services – reflect costs that will affect the amount you pay at closing, but not your loan amount or monthly mortgage payments.
Repeat these steps for a second loan, and the calculator will show you the following information for each loan:
- Total principal and interest
- Total closing costs
- Loan amount
- Monthly payment amount
Our calculator will also tell you which loan will cost you more money in the long run, and how much that difference is. It’s important to note that this calculator can only compare fixed-rate mortgages, where the interest rate remains the same throughout the term of the loan. These differ from adjustable-rate mortgages, where the interest rate and monthly payments can fluctuate over time.
Home loan terms to consider
- Principal: The amount of money borrowed or yet to be paid. Interest is calculated on this amount. Principal can also refer to the part of your monthly payment that reduces this balance, as opposed to the part of your monthly payment that covers interest on the loan.
- Loan term: The amount of time used to calculate the monthly mortgage payments.
Interest rate: The rate a lender charges you for each period of the loan. - Origination fee: A fee paid to the lender for processing a loan application.
Looking for another term put in plain language? Visit the complete CrossCountry Mortgage Glossary.
How to choose the right mortgage loan
It’s important that you select the mortgage loan product that best fits your budget and long-term financial goals: Are you buying a new home or refinancing? Is it more important that you keep your monthly payments lower, or is a shorter term a higher priority?
We can help you navigate the wide range of home purchase loans and mortgage refinance loans available.
Other considerations to keep in mind when choosing a home loan
We recommend that you familiarize yourself with the pre-approval process and how it differs from pre-qualification, especially if you’re a first-time homebuyer.
And while everyone wants to save money, it isn’t as important as working with a reputable, trustworthy company that offers a wide variety of loan products and will work with you to get the best financing for your situation.
Additional mortgage calculators
Buying or refinancing a home can be confusing – we want to make beginning the journey as simple as possible. We’ve developed easy-to-use tools that will help you compare your options, calculate your payment, see how much mortgage you can afford, understand your debt-to-income ratio, and discover answers to many of your homebuying questions.
Use our free, interactive calculators to start getting answers and take the next financial steps toward your goals:
