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

$
%
%
%

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 total interest paid and total closing costs for every option, so you compare 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 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.

You might also need

Mortgage Calculator 2026 — Payment, Amortization & PMI

Calculate your monthly mortgage payment with taxes, insurance, PMI, and HOA. View full amortization schedule. Free, instant results based on current rates.

FHA Loan Calculator 2026 — MIP, Down Payment & Limits

Calculate FHA loan payments including upfront MIP (1.75%) and annual MIP premiums. See when MIP drops off. Free, instant results based on 2026 FHA limits.

Home Affordability Calculator — How Much House Can You Afford?

Find out how much house you can afford based on income, debts, down payment, and current mortgage rates. Free, instant results with DTI ratio breakdown.