Mortgage Comparison Calculator
Compare two mortgage offers side by side to see which one saves you more on monthly payments and total interest.
What This Calculator Does
When you’re deciding between two mortgage offers, such as a 30-year loan at one rate versus a 15-year loan at a different rate, it helps to see both the monthly payment and the total interest cost side by side rather than comparing rates alone.
The Formula
For each loan option, the calculator applies the standard amortization formula M = P × [r(1+r)^n] / [(1+r)^n – 1] using that option’s rate and term, then multiplies the payment by the number of payments and subtracts the original loan amount to find total interest paid over the life of each loan.
This tool is for general planning and educational purposes. It assumes both loans have the same loan amount and does not account for differences in closing costs, discount points, or fees between offers, which you should also factor into your decision.