Compare the monthly payment and total lifetime interest of the same loan amount at two different mortgage interest rates.
Monthly payment (Rate A)—USD
Monthly payment (Rate B)—USD
Monthly payment difference—USD
Lifetime interest difference—USD
Ad Space — 300×250
About the Mortgage Rate Comparison Calculator
Even a small difference in mortgage interest rate can add up to a large difference in total cost over a 30-year loan. This calculator compares two rate offers side by side on the same loan amount and term.
Formula: Monthly Payment = P × [r(1+r)n] ÷ [(1+r)n − 1], calculated separately for each rate, then compared for both the monthly and lifetime interest difference.
When comparing real loan offers, remember to also factor in points, fees and closing costs, since a lower rate that comes with higher upfront fees isn't always the cheaper option overall.