Mortgage Rate Comparison Calculator

Both matter, but they answer different questions. The interest rate determines the interest charged on the loan balance. The APR is designed to reflect the rate plus certain loan costs, expressed as an annualized figure — useful for comparison, but not a substitute for reviewing the full Loan Estimate.

When one offer has a lower monthly payment but higher upfront costs (points or fees), the break-even period is roughly how many months it takes for the monthly savings to make up for that extra upfront cost. If you expect to keep the loan past the break-even point, the lower-payment offer may save more over time — but that depends on your own plans.

The right offer depends on factors this tool can't know — how long you plan to keep the loan, how much upfront cash you have available, and your own risk tolerance. This calculator shows the numbers side by side so you can decide what fits your situation.

1 point equals 1% of the loan amount, paid upfront in exchange for a lower interest rate. Whether points are worth paying depends on how long you plan to keep the loan relative to the break-even period.

Most guidance suggests comparing at least a few lenders — banks, credit unions, and mortgage lenders/brokers can all be worth checking. Request quotes for the same loan amount, type, and lock period, ideally around the same time, since market pricing moves.

No — this tool focuses on the rate, APR, points, and lender fees you enter. Title fees, government recording fees, prepaid taxes/insurance, and other third-party closing costs are not included. Use a dedicated closing cost calculator for a fuller picture of cash needed at closing.