How to Use This Comparison Tool
This tool helps you compare multiple mortgage offers by calculating the true total cost over the life of each loan, including interest and fees.
What to Consider
- Monthly Payment: Make sure it fits comfortably in your budget
- Total Interest: Lower interest saves thousands over time
- Closing Costs: Higher upfront costs may be worth it for lower rates
- Points: Paying points reduces rate but increases upfront cost
- Loan Term: Shorter terms = higher payments but less total interest
- APR: Effective rate including all fees - best for comparing
Quick Decision Guide
Choose based on:
- Lowest Monthly Payment: If budget is tight and you need lower payments
- Lowest Total Interest: If you plan to stay in the home long-term
- Lowest APR: Best overall value considering all costs
- Lowest Upfront Costs: If you're cash-constrained now