Loan Offers
Enter details from each Loan Estimate or written quote. For a fair comparison, use the same loan type, term, lock period, down payment, and quote date.
Use the same loan type, term, lock period, and down payment before comparing.
PlainFigure highlights the winner, the cost spread, and the tradeoffs that matter.
Take the lender question list back to the quote before applying.
Results
What This Means In Real Life
Questions To Ask Your Lender
Results are estimates for educational purposes only and are not financial advice. Rates and terms vary by lender and individual circumstances. See full disclosure.
Related calculators
- Refinance Calculator
- PITI Mortgage Payment Calculator (coming soon)
For educational purposes only. Not financial advice.
How these calculations work
Monthly payment
Standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1], where P = principal, r = monthly rate, n = total months.
APR
Calculated APR is estimated by finding the monthly rate where the present value of all payments equals the loan amount minus upfront fees. Lender APR may differ due to fees not included here (title, escrow, prepaid interest). A gap over 0.15% is flagged.
True loan cost
Total interest paid over the loan life, plus all upfront fees (closing costs + points) and total PMI paid.
Points breakeven
Upfront points cost divided by monthly payment savings versus a no-points alternative.
Assumptions
- Fixed-rate loan throughout the term
- No prepayments
- PMI cancels at the month you specify
- Closing costs are paid upfront, not rolled in
- Taxes and homeowners insurance are not included unless you add them as entered costs
Reviewed and updated: May 2026. See the broader methodology notes.
Frequently asked questions
What is the best way to compare mortgage offers?
Compare APR (not just interest rate), total interest paid over your expected holding period, and closing costs. A lower rate with high points may cost more than a higher rate with no points if you sell within 5 years.
What is the difference between interest rate and APR?
The interest rate is the base cost of borrowing. APR includes the interest rate plus fees and points, giving you a true cost comparison across loans.
Should I pay points to get a lower mortgage rate?
It depends on how long you keep the loan. Use the break-even calculator: divide the upfront cost of points by your monthly savings. If you'll stay longer than the break-even period, points save money.
How many mortgage quotes should I get?
Studies show that getting 3–5 quotes saves the average borrower $1,500–$3,000 over the life of the loan. Lenders know you are shopping, and multiple hard inquiries within a 14–45 day window count as a single inquiry on your credit report.
What fees should I compare beyond the interest rate?
Compare origination fees, discount points, appraisal, title insurance, and prepaid items (escrow setup). The Loan Estimate form standardizes disclosure — request one from each lender and compare Section A and Section B fees line by line.
What is a lock period and why does it matter?
A rate lock guarantees your interest rate for a set period (usually 30–60 days) while your loan closes. Shorter locks cost less but carry risk if closing is delayed. Longer locks add cost but protect against rate increases.
How this calculator works
APR is calculated by solving for the discount rate that equates the present value of all payments (including fees and points) to the loan amount. Total cost comparisons use the actual amortization schedule over each time horizon. Points break-even divides the upfront cost by the monthly payment savings.
Sources & assumptions
- APR and Loan Estimate comparison context follows CFPB consumer guidance for comparing written mortgage offers.
- Monthly payment formula uses standard mortgage amortization.
- PMI estimates use broad conventional-loan ranges and should be replaced with lender-quoted mortgage insurance when available.