Mortgage Comparison Calculator
Compare up to 3 mortgage scenarios side by side. Edit any field to instantly see how rate, term, or down payment changes affect your total cost.
$80,000
$80,000
Side-by-Side Comparison
| Metric | Scenario A | Scenario B |
|---|---|---|
| Home Price | $400,000 | $400,000 |
| Loan Amount | $320,000 | $320,000 |
| Down Payment | $80,000 (20.0%) | $80,000 (20.0%) |
| Interest Rate | 6.5% | 7.0% |
| Loan Term | 30 yr | 30 yr |
| Monthly P&I | $2,023 | $2,129 |
| Total Monthly | $2,523 | $2,629 |
| Total Interest | $408,142 | $446,428 |
| Total Paid | $728,142 | $766,428 |
| Payoff | 30 yr | 30 yr |
Best value highlighted in green
Loan Balance Over Time
Remaining balance at end of each year
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Sign in →Frequently Asked Questions
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but builds equity faster and costs dramatically less in total interest. On a $300,000 loan, a 30-year at 7% runs $1,996 a month and $418,527 in interest, while a 15-year at 6.375% — shorter terms usually price about 0.625% lower — runs $2,593 a month and $166,695 in interest. That is roughly $597 more per month to save about $251,800 over the life of the loan.
Which mortgage term saves the most money overall?
Shorter terms always save the most total interest. At the same rate, a 15-year mortgage costs about 44% of the total interest of a 30-year — less than half — and 15-year loans usually carry rates 0.5–0.75% lower, compounding the savings. The trade-off is a higher monthly payment that leaves less room for other financial goals.
How much difference does .25% make on a mortgage?
Less per month than most buyers expect, but a lot over 30 years. On a $300,000 30-year loan, moving from 6.50% to 6.75% raises the payment from $1,896.20 to $1,945.79 — about $50 a month — but adds roughly $17,850 in total interest. On a $400,000 loan the same quarter point costs about $66 a month and $23,800 overall. It is worth shopping several lenders for.
How much is a $350,000 mortgage at 6% for 30 years?
Principal and interest come to $2,098.43 a month. Over 360 payments that totals $755,434, of which $405,434 is interest — more than the amount borrowed. Property taxes, homeowners insurance, PMI, and any HOA dues sit on top of that figure and are not included in it.
Which mortgage calculator is most accurate?
Any calculator using the standard amortization formula returns the same principal and interest payment — accuracy differences come from what a tool leaves out, not the math. A P&I-only result understates your real monthly cost because it omits property taxes, insurance, PMI, and HOA dues. This page compares principal and interest across scenarios; for a full monthly payment estimate use the main mortgage calculator, which includes those escrow items.
What factors should I compare when evaluating mortgage offers?
Compare the interest rate, loan term, APR (which includes lender fees and points), required down payment, and total cost over the full loan term. Two loans with the same rate can have very different total costs once origination fees and discount points are factored in. Use the APR and a side-by-side amortization comparison as your primary benchmarks.
Should I choose a fixed-rate or adjustable-rate mortgage?
A fixed-rate mortgage locks your rate for the life of the loan — ideal for long-term owners who want payment certainty. An ARM starts with a lower introductory rate for 3, 5, or 7 years, then adjusts periodically based on market rates. ARMs make sense if you're confident you'll sell or refinance before the fixed period ends and current fixed rates are high.
How do I calculate the total cost of a mortgage?
Multiply your monthly principal and interest payment by the total number of payments (years × 12), then add your down payment. On a $360,000 home with $60,000 down, the $300,000 balance at 7% over 30 years costs $1,995.91 a month — $718,528 across 360 payments. Add the down payment and the home has cost $778,528 against a $360,000 purchase price. This is why comparing total costs, not just monthly payments, matters.
Related Calculators
- Mortgage Calculator
Full monthly payment including property taxes, insurance, PMI, and HOA dues.
- Mortgage Payoff Calculator
Once you have picked a loan, see what extra payments or a lump sum do to the payoff date.
- Biweekly Mortgage Calculator
Compare a biweekly schedule against standard monthly payments from a home price.
- Amortization Calculator
See the principal and interest split of every payment on any fixed-rate loan.
For the reasoning behind the term choice rather than the numbers, read 15-year vs 30-year mortgage.