Curious about what loan option makes the most sense for you? Test it out by using our Comparison Mortgage Calculator...
This calculator is made available to you as an educational tool only and calculations are based on borrower-input information. This is not an advertisement for the above terms, interest rates, or payment amounts. This is not an advertisement to extend credit as defined by Regulation Z nor an application for credit as defined by RESPA/Regulation X.
The information is meant for educational purposes only, the approximate origination charges, and total approximate funds needed to close is just an illustration and may not be accurate to your personal loan scenario. Actual fees and costs and payments may vary. As a result of refinancing, your total finance charges may be higher over the life of the loan. This is not a commitment to lend. Not all borrowers will meet the requirements necessary to qualify. Rates and terms are subject to change based on market conditions and borrower eligibility. Monthly Payment does not include taxes and insurance. Your payment obligation will be higher. APR is not shown – see our website for assumptions and loan terms. Certain limitations apply, call for details.
Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.
Results received from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. We do not guarantee the accuracy of any information or inputs by users of the software.
Homeownership involves financial obligations that differ from renting. In addition to monthly principal and interest payments, homeowners are responsible for property taxes, homeowner’s insurance, maintenance, and repairs, which renters typically do not pay. Renters may also have flexibility and lower upfront costs.
Whether buying or renting is right for you depends on your financial situation, long-term plans, and housing market conditions.
Total cost after
1 year
years
Option A
$/mo
Loan Type
Loan Amount
$
Interest Rate
%
Upfront Cost
$
Monthly Payment
$
Lifetime Cost
$
Option B
$/mo
Loan Type
Loan Amount
$
Interest Rate
%
Upfront Cost
$
Monthly Payment
$
Lifetime Cost
$
Estimated Costs
These costs are estimated based the information added in the advanced section. You may adjust these values to suit your particular situation in order to get a more accurate estimate.
Loan Option A
Loan Option B
Loan Amount
$
$
Down Payment
$
$
Interest Rate
%
%
Loan Term
years
years
Taxes & Insurance Included?
Property Tax(1st year)
$
$
Home Owners Insurance(1st year)
$
$
HOA dues
$
$
Home Appreciation
%
%
Upfront Fee
$
$
Total upfront fees
$
$
Total Interest Payments
$
$
Total Principal Payments
$
$
Lifetime Cost
$
$
How We Calculate the Costs
Comparing Mortgage Options
This calculator helps you compare two different mortgage options. It takes into account various factors for each option:
Loan Details:
- Loan type (Conventional, FHA, VA, USDA)
- Loan amount
- Interest rate
- Loan term
- Down payment amount
- Property taxes
- Homeowners insurance
- HOA fees
- Private Mortgage Insurance (PMI) if applicable
- Conventional loans: Typically closing costs (2-5% of loan amount)
- FHA loans: Upfront Mortgage Insurance Premium (UFMIP) of 1.75% of the loan amount
- VA loans: VA Funding Fee (varies based on down payment and use)
- USDA loans: Upfront guarantee fee of 1% of the loan amount
- Monthly mortgage payment (principal and interest)
- Total interest paid over the life of the loan
- Total cost of the loan (including upfront fees, monthly payments, and additional costs)
- Annual home appreciation rate: %
- Monthly payment
- Total upfront costs
- Total cost over the life of the loan
- Break-even point (if applicable)
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