Mortgage Comparison Calculator

Compare up to 3 mortgage scenarios side by side. Analyze monthly payments, total costs, break-even points, and opportunity costs to make informed financing decisions.

Scenario 1 (Base)

Loan Amount ($) Interest Rate (%) Loan Term (years) Down Payment ($) Closing Costs ($) Points Paid ($) Upfront cost to reduce interest rate Monthly PMI ($) Property Tax (monthly $) Insurance (monthly $)

Scenario 2 (Comparison)

Enable Scenario 2 Loan Amount ($) Interest Rate (%) Loan Term (years) Down Payment ($) Closing Costs ($) Points Paid ($) Monthly PMI ($) Property Tax (monthly $) Insurance (monthly $)

Scenario 3 (Optional)

Enable Scenario 3 Loan Amount ($) Interest Rate (%) Loan Term (years) Down Payment ($) Closing Costs ($) Points Paid ($) Monthly PMI ($) Property Tax (monthly $) Insurance (monthly $)

Analysis Parameters

Alternative Investment Return (%) For opportunity cost analysis of down payments Tax Rate (%) For mortgage interest deduction analysis Years to Analyze Expected Home Appreciation (% annually)

Enter values and compare mortgages.

How it works

This comprehensive calculator compares up to 3 mortgage scenarios side by side, analyzing monthly payments, total costs, opportunity costs, tax implications, and break-even points. It helps you make informed decisions between different financing options by showing both short-term cash flow and long-term wealth impacts.

Example

Compare a $300K loan at 6.5% with $60K down versus a $280K loan at 6.0% with $80K down. The calculator shows monthly payment differences, opportunity costs of larger down payments, break-even points, and which scenario performs better over different time horizons.

FAQ

How do I decide between different down payment amounts?

Consider monthly payment affordability, PMI costs, opportunity cost of invested down payment funds, and your risk tolerance. The calculator shows the financial impact of each scenario to help you decide.

Should I pay points to reduce my interest rate?

Points make sense if you'll stay in the home long enough to break even on the upfront cost. The calculator shows break-even analysis and compares scenarios with and without points.

How does the opportunity cost analysis work?

The calculator compares investing your down payment difference at your expected return rate versus the mortgage savings from a larger down payment, showing the net financial impact over time.

What tax implications should I consider?

Mortgage interest is tax-deductible up to certain limits, reducing your effective interest rate. The calculator factors in your tax rate to show after-tax costs and benefits of each scenario.

Which scenario is best for short vs long-term ownership?

Lower down payment scenarios often work better short-term due to opportunity costs, while higher down payments may be better long-term. The calculator shows performance over different time horizons to help you choose.