The mistake that makes cheap loans expensive
A mortgage quote is not just a rate. Points, lender fees, PMI, closing credits, lock period, term, and cash-to-close can flip the winner. PlainFigure's mortgage calculators are designed to turn those tradeoffs into a side-by-side decision.
If you have quotesUse the loan comparison calculator before choosing a lender.
If you are refinancingRun break-even math before chasing a lower rate.
If you are still shoppingCollect quotes with matching assumptions before comparing.
What to compare before you pick a lender
RateThe note rate drives monthly principal and interest. Compare quotes from the same day because mortgage rates move quickly.
APRAPR can reveal certain fee differences, but it is not enough by itself. It may not capture every cost or personal holding-period tradeoff.
PointsPoints buy down the rate. They only pay off if you keep the loan long enough to pass the break-even period.
Cash to closeA lower monthly payment can still be worse if it requires more upfront cash than your plan can absorb.
PMI and escrowMortgage insurance, taxes, and homeowners insurance shape the actual monthly housing cost.
Quote collection workflow
1Choose one scenario: home price, down payment, credit score range, ZIP code, loan type, term, and lock period.
2Ask each lender for a written Loan Estimate or equivalent quote using that same scenario.
3Enter rate, APR, points, lender fees, third-party fees, PMI, and cash-to-close into PlainFigure.
4Compare monthly payment, 5-year cost, break-even, and total interest before choosing the offer.
Do not compare teaser rates against full quotes. If one quote includes points and another does not, the lower rate may be hiding a bigger upfront cost.
Quick points break-even check
Use this as a first-pass diagnostic before opening the full loan comparison calculator. It compares one no-points quote against one lower-rate quote with points.
When a marketplace can help
| Use case | Why it helps | PlainFigure next step |
|---|---|---|
| First quote discovery | Marketplaces can help surface multiple lenders quickly. | Bring the quotes back to the comparison calculator. |
| Refinance screening | A marketplace can show whether current advertised rates are meaningfully below your existing loan. | Run the refinance break-even calculator before applying. |
| Affordability check | Pre-qualification can expose whether your assumed rate or budget is realistic. | Use the affordability calculator with the quoted rate. |
These are external marketplace links. Verify all rates, fees, lock periods, and lender terms directly before applying.