Loan Comparison Calculator
Compare multiple loan or mortgage options side by side. Analyze interest rates, points, loan terms, and closing costs to find the best deal for your situation.
Loan Options
Best Options
Full Comparison
| Loan | Monthly Payment | Upfront Costs | Total Interest | Cost (7 yrs) |
|---|---|---|---|---|
| Loan Option 1 7% / 30yr | $1,663 | $5,000 | $348,772 | $144,714 |
| Loan Option 2 6.5% / 30yr | $1,580 | $8,750 | $318,861 | $141,484 |
| Loan Option 3 6.75% / 15yr | $2,212 | $4,000 | $148,209 | $189,831 |
After 7 Years
| Loan | Principal Paid | Interest Paid | Remaining Balance | Equity Built |
|---|---|---|---|---|
| Loan Option 1 | $22,131 | $117,582 | $227,869 | 8.9% |
| Loan Option 2 | $23,959 | $108,775 | $226,041 | 9.6% |
| Loan Option 3 | $86,245 | $99,586 | $163,755 | 34.5% |
Points Break-Even Analysis
| Loan | Points Cost | Monthly Savings | Break-Even | Worth It? |
|---|---|---|---|---|
| Loan Option 2 | $3,750 | $83 | 3.8 years | ✓ Yes |
Loan Comparison Tips
Understanding Points
Points are upfront fees to lower your rate. 1 point = 1% of loan amount. They make sense if you'll keep the loan long enough to recoup the cost through lower payments.
15 vs 30 Year
15-year loans have higher payments but much lower total interest. A $250,000 loan at 6.5% costs $319,000 total over 15 years vs $569,000 over 30 years.
How Long Will You Stay?
If you'll move or refinance within 5-7 years, focus on lower upfront costs over lower rates. Points rarely pay off for short-term loans.
Frequently Asked Questions
How do I compare loan offers?
Compare loans by looking at:
- Monthly payment: What you pay each month
- Total interest: Total interest over the loan's life
- Upfront costs: Points + closing costs
- Total cost: If you sell or refinance early
The "best" loan depends on how long you'll keep it.
What are mortgage points?
Points are upfront fees to lower your interest rate:
- 1 point = 1% of loan amount
- On a $300,000 loan, 1 point = $3,000
- Each point typically lowers rate by 0.25%
Should I pay points?
Calculate your break-even point:
Break-even = Points Cost ÷ Monthly Savings
- If break-even is 5 years and you'll stay 10 years → Pay points
- If break-even is 5 years and you'll move in 3 years → Skip points
15-year vs 30-year mortgage?
| Factor | 15-Year | 30-Year |
|---|---|---|
| Monthly payment | Higher | Lower |
| Interest rate | Lower (~0.5% less) | Higher |
| Total interest | Much less | Much more |
| Equity building | Faster | Slower |
| Flexibility | Less | More |