Mortgage Rate Comparison Tool
Compare up to three mortgage rate offers side by side. See which loan actually costs less once points, fees, and total interest are factored in, not just the lowest rate.
Quick Answer
On a $350,000 loan, a 6.25% rate with 1 point often costs less over 10 years than a 6.75% rate with no points, even though the no-point offer looks "free" upfront. Compare your actual offers below.
Shared Loan Details
Monthly Payment
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Upfront Cost
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True Cost (10yr)
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Monthly Payment
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Upfront Cost
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True Cost (10yr)
$—
Monthly Payment
$—
Upfront Cost
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True Cost (10yr)
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Best Value
Comparing offers...
What Is a Mortgage Rate Comparison Tool?
A mortgage rate comparison tool lets you evaluate multiple loan offers side by side, not just by interest rate, but by total cost. Two offers with the same mortgage rate today can end up costing very differently once you factor in discount points and closing fees. This tool calculates the "true cost" of each offer over a time horizon you choose, so you can see past the headline rate.
Understanding Discount Points
Discount points let you pay more upfront in exchange for a lower interest rate. One point typically costs 1% of the loan amount and can lower your rate by roughly 0.25%, though this varies by lender. Points tend to pay off if you plan to keep the loan long enough for the monthly savings to outweigh the upfront cost, which is exactly what this comparison tool calculates for you.
How to Use This Tool
- Enter the loan amount and term shared across all offers.
- Choose how many years you plan to compare (e.g. if you might move or refinance in 10 years).
- Enter the rate, points, and fees for each lender's offer.
- Compare the monthly payment and true cost for each offer.
- See which offer wins based on your selected comparison window.
Frequently Asked Questions
Is the lowest interest rate always the best deal?
Not necessarily. A lower rate paired with high points or fees can cost more than a slightly higher rate with fewer upfront costs, especially if you don't keep the loan for the full term.
How many mortgage quotes should I compare?
Most experts suggest getting quotes from at least three to five lenders within a short window, since multiple mortgage inquiries in a 14 to 45 day period typically count as a single credit inquiry.
Why do mortgage rates today vary between lenders?
Lenders price loans based on their own cost of capital, risk appetite, and profit margins, so rates for the same borrower can vary meaningfully even on the same day.