Introduction
This Mortgage Comparison Calculator lets you put two home loans side by side and see which one costs less. Enter a loan amount, then set the interest rate, loan term, and down payment for each loan. The calculator shows you the monthly payment, the total interest, and the full lifetime cost for both.
Picking a mortgage is a big choice. A 30-year loan gives you a smaller monthly payment, but you pay more interest over time. A 15-year loan costs more each month, but you own your home sooner and save a lot of interest. Even a small rate change, like 0.125%, can shift your cost by thousands of dollars.
You will see the math step by step, so you know exactly where each number comes from. Charts compare the payments and show how your balance drops each year. You can also open a full amortization schedule to view every payment, month by month or year by year.
Use it to compare loan offers, test different terms, or check how a bigger down payment changes your payment. All results update as you type, and nothing is saved or shared. If you only need numbers for one loan, the standard Mortgage Calculator is a faster starting point.
How to use our Mortgage Comparison Calculator
Enter one loan amount, then set the rate, term, and down payment for two different mortgage options. The calculator shows the monthly principal and interest payment, total interest, total cost, a step-by-step solution, charts, and a side-by-side amortization schedule so you can see which loan is cheaper.
Purchase Price / Loan Amount: Type the home price or amount you want to borrow. This same amount is used for both loans. Enter $1,000 to $10,000,000. Commas are added for you. Not sure what price fits your income? Check the Home Affordability Calculator first.
Adjust Loan Amount (slider): Drag the slider to change the loan amount fast. It moves in $5,000 steps and updates the box above it.
Loan 1 Label and Loan 2 Label: Give each loan a short name, like "30-Year Fixed" or "Bank Offer." The names show up in the results table, charts, and schedule. This is optional.
Interest Rate (Loan 1 and Loan 2): Type the yearly interest rate for each loan, up to three decimals. Use the minus and plus buttons to move the rate by 0.125% at a time. To see how quoted rates translate into cost, try the Mortgage Rate Calculator or the APR Calculator.
Loan Term (Loan 1 and Loan 2): Pick how many years you will pay the loan, from 10 to 40 years. Shorter terms mean higher payments but less interest.
Down Payment Mode (Dollar or Percent): Choose "Dollar ($)" to enter a cash amount, or "Percent (%)" to enter a share of the price. You can set a different mode for each loan.
Down Payment (Loan 1 and Loan 2): Enter your down payment. It is taken off the loan amount, and the hint below shows the net financed principal. Leave it at 0 if you have none. A smaller down payment usually raises your loan-to-value ratio and can trigger mortgage insurance.
Calculate button: Click it to update the results. Results also refresh as you type, so use this to check your final numbers.
Reset button: Click it to clear your changes and go back to the starting example values.
Show Amortization Schedule: Click to open a full payment table for both loans, then choose "Monthly view" or "Yearly view" to see each payment split into principal, interest, and remaining balance. For a deeper single-loan breakdown, use the Mortgage Amortization Calculator.
Compare Two Mortgages Side by Side
A mortgage is a loan you use to buy a home. You pay it back every month for many years. Two loans can look close on paper but cost very different amounts. This mortgage comparison tool puts two loan offers next to each other so you can see which one really costs less. For non-housing debt, the Loan Comparison Calculator works the same way.
What Changes the Cost of a Home Loan
- Loan amount (principal): the money you borrow after your down payment.
- Interest rate: the yearly price the lender charges. Even a small change, like 0.125%, moves your payment. See the total effect with the Mortgage Interest Calculator.
- Loan term: how many years you pay. A shorter term means a bigger monthly payment but much less interest.
- Down payment: cash you pay up front. More cash down means a smaller loan and lower interest.
Monthly Payment vs. Total Cost
These are two different things. A 30-year loan has a smaller monthly payment, so it is easier on your budget each month. But you pay for twice as long, so the total interest can be tens of thousands of dollars higher. A 15-year loan costs more each month, yet you often pay far less interest and own the home free and clear sooner. Look at both numbers before you choose, and check your debt-to-income ratio to make sure the higher payment still fits.
How the Payment Is Figured Out
Your monthly principal and interest (P&I) payment stays the same on a fixed-rate loan. The yearly rate is split into 12 to get a monthly rate, and the years are turned into a number of monthly payments. The math spreads the loan over that time so the balance hits zero on the last payment. The same formula powers our general Loan Payment Calculator.
What an Amortization Schedule Shows
Amortization is how each payment splits between interest and principal. In the early years, most of your money goes to interest and the balance drops slowly. Later, more goes to principal and the balance falls fast. A shorter loan or a lower rate flips that mix in your favor sooner. Adding money to each payment speeds this up a lot, which you can test with the Mortgage Extra Payment Calculator, the Biweekly Mortgage Calculator, or the Mortgage Payoff Calculator.
The Break-Even Point
If one loan costs more per month but less overall, there is a month where the two loans have cost you the same total. After that month, the cheaper loan pulls ahead and keeps saving you money. Knowing this helps if you might sell or refinance before that date.
Keep in Mind
These numbers cover principal and interest only. Your real monthly bill may also include property taxes, homeowners insurance, mortgage insurance (PMI), and HOA dues — the full PITI payment. Closing costs, points, and lender fees are not included either, so ask each lender for the APR and a Loan Estimate to compare the full picture. If you are weighing government-backed options, compare an FHA loan, a VA loan, or a jumbo loan against a conventional quote — and if you are still deciding whether to buy at all, run the numbers in the Rent vs Buy Calculator.