Mortgages / Loan Comparison Calculator
Mortgage Comparison Calculator
Our Loan Comparison Calculator allows you to effortlessly evaluate three different mortgage loans. Enter loan details to compare each mortgage side-by-side. You'll get a clear picture of your mortgage options, and learn which mortgage aligns with your budget and long-term goals.
Get a more accurate estimate
Get pre-qualified with us at Zillow Home Loans to get an even more accurate estimate of your monthly mortgage payment.
Explore more mortgage calculators
What will your new home cost? Estimate your monthly mortgage payment with our easy-to-use mortgage calculator.
How much house can you afford? Use our affordability calculator to estimate what you can comfortably spend on your new home.
Your debt-to-income ratio helps determine if you would qualify for a mortgage. Use our DTI calculator to see if you're in the right range.
Interested in refinancing your existing mortgage? Use our refinance calculator to see if refinancing makes sense for you.
Participating lenders may pay Zillow Group Marketplace, Inc. ("ZGMI") a fee to receive consumer contact information, like yours. ZGMI does not recommend or endorse any lender. We display lenders based on their location, customer reviews, and other data supplied by users. For more information on our advertising practices, see our Terms of Use & Privacy. ZGMI is a licensed mortgage broker, NMLS #1303160. A list of state licenses and disclosures is available here.
How to compare mortgage loans
Before you start comparing loans, it's important to understand what a loan comparison calculator does. Essentially, this tool takes input variables, such as loan amount, interest rate, and loan term, to calculate the cost of each mortgage option over its lifespan. Here are the three steps to compare mortgage loans:
1. Input loan details into the calculator
Enter details for up to three mortgages into the loan comparison calculator.
Loan amount
The total amount of money you want to borrow, also known as the principal. If you have a house in mind, you can subtract your down payment from the sale price to determine your loan amount. Get a loan estimate with us at Zillow Home Loans*.
Loan term
The number of years you have to repay the loan. The most common loan term is 30 years. Some lenders will allow you to make extra principal payments to pay off a mortgage loan sooner than your projected pay-off date.
Interest rate
The fee charged by the mortgage lender or bank who is loaning you money. Interest rates can change daily. Keep a pulse on the market to lock in the best rate. Learn more about how interest rates are calculated.
Loan start date
The start date is the day you officially acquire your mortgage. As you make mortgage payments, you'll pay a combination of principal and interest. Learn more about amortization.
2. Analyze the results
A mortgage loan consists of monthly principal and interest payments. As you make payments, you’ll lower your principal loan balance and owe interest on the remaining principal. You’ll continue to make payments monthly until your loan is paid in full or the home is sold. Our calculator will allow you to compare:
Monthly payment
The estimated amount of interest and principal you’ll pay each month. Some mortgage borrowers pay for mortgage insurance in addition to this cost.
Total principal
The total loan amount you’ll have borrowed and paid in full at the end of the loan term.
Total interest
The total interest you’ll have paid on top of the principal amount you borrowed at the end of your loan term.
Pay-off date
The estimated day you’ll have paid your loan in full based on your selected start date and loan term. View your amortization schedule.
3. Compare different loan scenarios
Understanding how much of your monthly payment goes toward interest versus principal over time will tell you the actual cost of your mortgage. Compare multiple loan terms to see how much you’ll pay over 30, 20 or 15 years. Adjust interest rates to see how lower or higher rates impact your monthly payment amount and total interest paid.
Once you have a better understanding of the potential costs associated with your mortgage, you can create a budget. Take into account your estimated monthly mortgage payment, as well as other expenses such as property taxes, insurance, and utilities. This will help you determine an affordable price range for your home search, and ensure that you are financially prepared to take on the responsibility of homeownership.
Why you should compare loan options?
When choosing a mortgage, even a slight difference in interest rates or loan terms can save you — or cost you — thousands of dollars over time. By using a mortgage comparison calculator, you’ll gain insights that go beyond basic interest rates, including total loan costs, monthly payments, and loan repayment schedules. With this information at your fingertips, you can choose a mortgage lender with confidence and clarity.
How to find the right mortgage for you
Compare loan programs: Not all mortgage loans are the same. FHA loans are great for borrowers with lower credit scores. VA loans offer perks like no down payment for veterans. USDA loans offer financing for rural development. Familiarize yourself with all your mortgage options to compare loans and find the right program for you.
Stay informed: Keep up with current mortgage rates and market trends to ensure your calculations reflect realistic scenarios.
Account for additional costs: Home buyers typically need cash-to-close on a home, even when financing the purchase with a mortgage. As a homeowner, you may also pay property tax, mortgage insurance and homeowners' insurance on the home in addition to a monthly mortgage payment.
Comparison shop: Once you're ready to apply for a mortgage, compare Loan Estimates from at least three different lenders to find the best deal.
Consult a financial advisor: If you feel overwhelmed, don't hesitate to seek advice. Real estate professionals can provide personalized guidance based on your financial situation. At Zillow Home Loans*, our loan officers are available 7 days a week to answer all your mortgage finance questions.
*An equal housing lender. NMLS #10287
Related articles
What type of mortgage is best for you?
Each mortgage is designed to fit unique financing needs. Learn about your options to help inform your decision.
Check out these steps to shopping for a mortgage. We cover types of mortgage loans, how to compare quotes and find a lender.
How to get the lowest mortgage rate
The interest rate you receive can impact your mortgage payments. Use these tips to secure the best interest rate on your loan.
