Mortgage Loan Comparison Calculator
Compare two mortgage loans, such as a 15-year and a 30-year fixed, on monthly payment, total interest and total cost.
Compare Your Options And Get Clear Answers
Compare two mortgage loans, such as a 15-year and a 30-year fixed, on monthly payment, total interest and total cost.
Mortgage Loan Comparison Estimator
Enter your numbers below for an instant estimate.
How It Works
Key concepts behind this calculator
Loan Amount
Home price minus down payment.
Monthly Payment
Standard fixed-rate payment formula.
Total Cost
Payments over the term plus closing costs.
Use As A Guide
Results are estimates based on your inputs. Check real quotes, rates and professional advice before deciding.
Mortgage Examples
Payment per $100,000 borrowed.
| Rate | 15-Year Payment | 30-Year Payment | 30-Year Interest |
|---|---|---|---|
| 5.0% | $791 | $537 | $93,300 |
| 6.0% | $844 | $600 | $115,900 |
| 7.0% | $899 | $665 | $139,500 |
| 8.0% | $956 | $734 | $164,000 |
| Rule of Thumb | Shorter term saves interest | Housing cost ≤ 28% income | Compare APR |
Mortgage Loan Comparison Calculator FAQ
Answers to common questions about this calculator.
It costs far less in interest but has a higher monthly payment. It suits buyers with strong income and a stable budget.
Property tax, homeowners insurance, mortgage insurance and HOA fees.
Extra payments reduce interest and the term, but check there is no prepayment penalty.
No. It is an estimate for comparison.