Mortgage Rate Comparison Calculator

Compare 3 mortgage rates side by side on monthly payment, total interest, and total cost.
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Rate A (6.0%)

$2,098.43

Rate B (6.5%)

$2,212.24

Rate C (7.0%)

$2,328.56

Rate Comparison

6.0% - Monthly$2,098.43
6.0% - Total Interest$405,433.66
6.5% - Monthly$2,212.24
6.5% - Total Interest$446,405.71
7.0% - Monthly$2,328.56
7.0% - Total Interest$488,281.14
Savings (A vs C)$82,847.48

Use the Mortgage Rate Comparison Calculator above to calculate your results. Enter your values and see instant results — all calculations run in your browser.

Disclaimer: This calculator is for informational purposes only and does not constitute tax, financial, or legal advice. Results are estimates based on the information you provide and current rates. Always consult a qualified tax professional or financial advisor for advice specific to your situation.

How It Works

This calculator helps you compare different mortgage offers side-by-side, revealing which loan will cost you less overall or provide a more favorable monthly payment. It's crucial for making an informed decision, as even small differences in interest rates or fees can amount to tens of thousands of dollars over the life of a loan.

The calculator primarily utilizes the standard amortization formula to determine monthly payments for each mortgage option. It then aggregates total interest paid and total closing costs to provide a comprehensive comparison of the overall expense for each scenario.

Always consider the Annual Percentage Rate (APR) as it reflects the true cost of borrowing, including fees, not just the interest rate. Don't solely focus on the lowest monthly payment; a shorter loan term with a slightly higher payment can save you significant interest over time.

Example: Comparing Two Mortgage Offers

  1. 1 You are considering two mortgage offers for a $300,000 home. Offer A has a 30-year fixed rate at 4.0% with $5,000 in closing costs. Offer B has a 15-year fixed rate at 3.5% with $7,000 in closing costs.
  2. 2 Inputting these values into the calculator: Offer A results in a monthly payment of approximately $1,432 and total interest paid of around $215,520 over 30 years. Offer B results in a monthly payment of approximately $2,145 and total interest paid of around $86,100 over 15 years.
  3. 3 Offer A's total cost (principal + interest + closing costs) is approximately $520,520. Offer B's total cost (principal + interest + closing costs) is approximately $393,100.
  4. 4 While Offer A has a lower monthly payment, Offer B, despite its higher upfront closing costs and higher monthly payment, saves you over $127,000 in total over the life of the loan. This highlights the long-term savings of a shorter loan term and lower interest rate.

Source: CFPB — Owning a Home · Last updated: April 2026

Frequently Asked Questions

How much does a 1% difference in mortgage rate cost?
On a $300,000 30-year mortgage, a 1% rate increase (e.g., 6% to 7%) adds about $200/month to the payment and over $70,000 in total interest over the life of the loan. Even a 0.25% difference adds roughly $50/month.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but a lower rate (typically 0.5-0.75% less) and saves enormous interest. A $300,000 loan at 6% for 30 years costs $348,000 in interest; at 5.5% for 15 years, just $127,000.
How do I compare mortgage offers from different lenders?
Compare the APR (not just the rate), which includes points and fees. Also compare closing costs, lender fees, and whether points are included. Request a Loan Estimate from each lender for a standardized apples-to-apples comparison.

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