Mortgage Comparison Calculator
Quick answer
Compare two mortgage options side by side and see the monthly payment difference and total savings over the term.
- Free, no sign-up, works on any device.
Figures are estimates from this calculator’s standard formula — adjust the inputs in the tool below for your exact number.
FAQs
How does the mortgage comparison calculator work?
It applies the standard amortization formula to each offer: monthly payment = loan amount × r(1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate (annual rate ÷ 12) and n is the number of months (term × 12), then shows both payments side by side.
How is the total savings figure calculated?
Total savings = (monthly payment at option 1 − monthly payment at option 2) × number of months. Example: a 500,000 loan over 30 years at 6.5% vs 5.5% gives payments of 3,160.34 vs 2,838.95 — a saving of 115,702.24 over the full term.
What happens if I enter 0% for one of the rates?
The calculator splits the principal evenly across the term instead of amortizing: monthly payment = loan amount ÷ (term × 12). A 300,000 loan over 30 years at 0% comes to 833.33 per month.
Does the comparison include taxes, insurance and fees?
No — it compares principal and interest only, so both options are measured on the same basis. Factor property taxes, insurance and setup fees into your decision separately, since they usually differ between lenders.
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