For years, I wanted to create a “mortgage rate calculator” that laid out different mortgage rates and corresponding payments to help home buyers and existing homeowners quickly compare rates.
This differs from a standard mortgage payment calculator that simply gives you one monthly payment amount based on a single interest rate.
Most of the time, consumers only see one interest rate and its payment, with no real context of nearby rates.
By nearby rates, I mean a rate that is .125% to .25% higher or lower than the base rate. Or whatever quote you happened to receive.
Without those details, it’s hard to tell if what you’re looking at is a good offer or an inferior one.
So I got around to creating a new mortgage calculator that allows you to quickly compare multiple mortgage rates based on monthly payment and total interest paid.
Use This Mortgage Rate Calculator to Quickly Compare Offers
Mortgage Rate Calculator
See exactly what a fraction of a percent means for your monthly payment and total interest paid over the life of your loan.
This calculator is for informational and educational purposes only and does not constitute financial, legal, or tax advice. Results are estimates and may not reflect actual loan terms or outcomes. Please consult a licensed mortgage or financial professional before making any financial decisions.
This is especially important because you’re often looking at (or being told about) a bunch of different rates, but it’s hard to determine the real difference.
What does 6.25% vs. 6.125% actually mean in terms of total interest paid over the life of the loan?
Is it worth paying discount points to get a rate that’s 5.99% vs. 6.25%?
How much are you really saving if you choose the lower rate with lots of upfront costs?
Perhaps it’s better to accept the lender credit and the slightly higher interest rate and pay nothing out of pocket.
This calculator allows you to visualize these differences quickly and easily to make more informed decisions.
How to Use the Mortgage Rate Calculator
Using it is super simple. Just enter your loan amount, loan term (it’s pre-set at 30 years), and the step size.
The step size is simply the difference in the mortgage rate you want to compare.
It can be in 0.125%, 0.25%, or .50% increments. Keep it tighter if you really want to fine-tune mortgage rate differences.
Then use the handy slider to pick your default mortgage rate, the one you’ll be comparing to nearby rates.
From there, you’ll see five different mortgage rates to compare, with rates below and above your entered rate.
For example, if you put in a rate of 6.75%, you’ll see two rates below that and two above it.
So if you choose 0.25% increments, you’ll see rates of 6.25% and 6.50%, which are lower than your inputted rate.
And rates of 7% and 7.25%, which are above your rate.
You’ll see the monthly payment comparison for all the rates, along with the total amount of interest paid.
Click on a tile and you’ll see even more details, including the difference in monthly payment and the difference in total interest paid.
This can help you quickly determine if a certain rate is “worth it,” especially if you have to pay to obtain it via higher closing costs.
Knowing these differences in rate may also encourage you to shop around, knowing that even an .125% lower in rate can equate to big savings.
For example, a mortgage rate of 6.625% versus 6.75% is only $29 less per month on a $350,000 loan amount, but it results in $10,442 in savings over the life of the loan.
So if a loan officer or mortgage broker says it’s only $29, no big deal, you can say yeah but it will cost me $10,000 more if I hold the loan to maturity.
Find a Lower Mortgage Rate Without Paying the Higher Fees
When mortgage rate shopping, you might be told you have to pay more for a lower interest rate.
Or that closing costs are higher if rates are lower.
This isn’t necessarily true because banks, credit unions, mortgage lenders, and brokers don’t all have the same rates.
As such, you can pay more for the exact same mortgage. Or you pay can less, depending on who you speak to.
This means it’s super important to actually put in the time to gather multiple rate quotes from different sources.
And compare mortgage brokers too because they can set different compensation levels and even if you loan goes to the same exact wholesale lending partner, the rate can be higher or lower as a result.
Once you can visualize the differences in rate, payment, and total interest paid, you’ll be able to shop more effectively.
In addition, you’ll be able to compare offers faster and even negotiate better knowing whether you’re looking at a potential good deal or a bad deal!
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