Mortgage Rate Comparison Calculator

Compare 3 mortgage rates side by side on monthly payment, total interest, and total cost.

By Konstantin Iakovlev · Updated April 2026 · Source: CFPB — Owning a Home

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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

Put two or more mortgage offers next to each other and the cheaper loan rarely announces itself at a glance. Side-by-side comparison surfaces which option costs less overall and which eases your monthly budget, because gaps of even a fraction of a percentage point in rate or a few hundred dollars in fees can compound into tens of thousands of dollars across a full loan term.

Each scenario runs through the standard amortization formula to produce its monthly payment. From there the tool tallies the total interest paid on each rate, and adding each offer's closing costs from its Loan Estimate gives the complete lifetime expense of each loan rather than a single headline number.

Pay attention to the Annual Percentage Rate, which folds fees into the cost of borrowing and reflects the real price more honestly than the stated interest rate alone. The lowest monthly payment can also mislead: a shorter term with a slightly steeper payment often retires the debt for far less interest, so judge each offer on what it costs you in full.

Example: Comparing Two Mortgage Offers

  1. 1 You are comparing two offers on a $300,000 loan. Offer A is a 30-year fixed rate at 6.25% with $5,000 in closing costs. Offer B is a 15-year fixed rate at 5.50% with $7,000 in closing costs.
  2. 2 Run the calculator once with a 30-year term and once with a 15-year term: Offer A comes to a monthly payment of about $1,847 and total interest of about $364,975; Offer B to about $2,451 a month and $141,225 of interest.
  3. 3 Offer A's total cost (principal + interest + closing costs) is approximately $669,975. Offer B's total cost is approximately $448,225.
  4. 4 While Offer A has the lower monthly payment, Offer B, despite its higher closing costs and $604 higher monthly payment, saves about $221,750 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, about $141,000.
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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