Loan Comparison
Loan Comparison Tool
Put up to three mortgage scenarios next to each other and see which one fits. This loan comparison tool lines up price, down payment, rate, term and mortgage insurance, then reports each option's monthly payment, lifetime interest and cash needed at closing.
Interactive tool
Compare up to three loan scenarios
Change one variable at a time and the trade-offs become obvious. Fill in a scenario per column, and the totals update together so you can scan across rather than juggle browser tabs.
How to use it
Building a fair comparison
Fix the home price
Use the same purchase price in each column so differences come from the loan structure, not the house.
Vary one lever per scenario
For example, keep the rate constant and compare a small down payment with a 20% one, or hold the down payment steady and test two terms.
Add mortgage insurance where it applies
Enter an estimated monthly amount for scenarios with less than 20% down so the payment reflects reality.
Scan all three outputs
Look across payment, total interest and cash to close together before deciding which option wins.
Inputs and outputs
What goes in and what comes out
| Field | Meaning |
|---|---|
| Price | The purchase price for the scenario. |
| Down % | Your down payment as a share of the price; it determines the loan amount and often whether mortgage insurance is required. |
| Rate | An assumed interest rate for that scenario, used for comparison only. |
| Term | The repayment period in years. |
| Mortgage insurance | An estimated monthly PMI or program insurance cost, added to the payment. |
| Monthly payment | Principal and interest plus any mortgage insurance you entered. |
| Total interest | Interest paid over the full term if the loan runs to maturity with no prepayment. |
| Cash to close | The down payment plus an estimate of upfront costs, showing how much money each option asks of you on closing day. |
Understanding results
Lowest payment isn't always the cheapest loan
A longer term trims the monthly figure but usually adds a large amount of total interest. A bigger down payment lowers both the payment and the interest, yet it ties up cash you might need for reserves, repairs or furniture. The right answer balances monthly comfort, lifetime cost and the money you keep in the bank.
Program choice shifts these numbers too. Conventional loans may allow as little as 3% to 5% down for qualified buyers, with PMI that can generally be removed later, while USDA loans and VA loans can offer zero down for eligible borrowers with their own fee structures. Eligibility depends on qualification, underwriting and program guidelines.
The comparison excludes property taxes, homeowners insurance and HOA dues, which are the same across scenarios for one home but vary by location. Every figure is an estimate, not a loan offer.
Have Sterling Smith model your exact options
Bring your favorite scenarios to a free consultation and get program-specific pricing, real mortgage insurance figures and itemized closing costs. Pre-approval decisions can come in as little as 24 hours.
Compare With a Loan OfficerAnswers
Comparing mortgage options
Is a 15-year or 30-year mortgage better?
It depends on your priorities. A 15-year term builds equity faster and costs far less in interest, while a 30-year term keeps the payment lower and leaves more monthly flexibility. Enter both here to see the gap in your own numbers.
Should I put 20% down to avoid PMI?
Not necessarily. Paying PMI for a few years can make sense if a large down payment would drain your savings. Compare a smaller down payment with mortgage insurance against a 20% option and weigh the cash you keep.
Why is cash to close more than my down payment?
Buying a home also involves lender fees, title charges, prepaid interest and initial escrow deposits. The tool estimates these so you aren't surprised; your Loan Estimate will itemize the actual amounts.
Can I compare FHA, VA and conventional loans here?
Yes, by entering each program's typical down payment and insurance cost in separate columns. For details on how each program works, review our loan programs overview or the FHA loan page.
How should I compare actual offers from lenders?
Use the Loan Estimate each lender provides and compare the rate, points, lender fees and cash to close on the same loan amount and term. Our mortgage consulting service can walk through the documents with you.
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