Same home Different ways to get there.
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There's more than one way home.
Same home, down payment and rate. Change your inputs and save actual quotes to compare them here.
| Your options | Original schedule | 15-year fixed Lowest modeled cost | Extra $250 / month |
|---|---|---|---|
| Home price | $425,000 | $425,000 | $425,000 |
| Down payment | $85,000 | $85,000 | $85,000 |
| Rate / term | 6.25% / 30 yr | 6.25% / 15 yr | 6.25% / 30 yr |
| Monthly housing | $2,608 | $3,430 | $2,608 |
| Extra each month | $0 | $0 | $250 |
| Cash required | $94,000 | $94,000 | $94,000 |
| Lifetime interest | $413,638 | $184,743 | $295,697 |
| Payoff | Oct 2056 | Oct 2041 | Jun 2049 |
| 7 years cost | $191,688 | $174,399 | $186,429 |
Horizon cost = interest + PMI + taxes + insurance + HOA + net closing fees. Down payment and repaid principal build equity and are excluded. Prepaids are not counted again. No appreciation, selling costs, tax deductions or investment returns modeled. This is not a recommendation.
Shop 2-4 rate offers side by side
Enter the rate and points from each lender quote to compare payment and point cost for the same loan amount and term.
Build the payment before you compare it
Follow the assumptions into the result so a single headline number never stands alone.
- 01Price the paymentEnter price, down payment, rate, term, and closing assumptions.
- 02Open the breakdownSeparate principal, interest, taxes, insurance, HOA, PMI, and cash due.
- 03Compare scenariosUse schedule, payoff, or comparison views with the same assumptions.
How the calculation works
Each saved scenario computes its own principal-and-interest payment, PMI and net closing fees from its own rate, term, points and credits.
The modeled cost over your chosen horizon adds interest, mortgage insurance, property tax, insurance, HOA and net closing fees for that horizon. Principal and down payment are excluded because they build equity rather than being spent.
Worked example
Worked example: 30-year vs. 15-year, same $340,000 loan and 6.25% rate. $340,000 loan at 6.25%, compared as a 30-year term against a 15-year term, same rate for both to isolate the effect of term length.
- The 30-year payment is about $2,093.44/month and accrues about $413,637.85 in total interest over the full term.
- The 15-year payment is higher, about $2,915.24/month, but accrues only about $184,742.79 in total interest.
- Over any shared comparison horizon, the 15-year scenario pays down more principal and owes less interest for the same rate.
The 15-year term costs about $228,895.06 less in total interest than the 30-year term at the same 6.25% rate, at the cost of an $821.80 higher required monthly payment.
Assumptions
- Principal and down payment are excluded from the compared cost because both build equity.
- The comparison does not model investment returns on the payment difference or future home-price changes.
When to use this
Use this page when deciding between two or more real loan offers, or between loan terms, over the length of time you actually expect to keep the loan.
Common mistakes
- Comparing terms at the same rate when a real 15-year offer usually carries a different quoted rate than a 30-year offer.
- Ignoring the comparison horizon and judging only the lowest full-term interest total.
Big decisions. Clearer answers.
15-year or 30-year mortgage: compare the right numbers.
Compare required payments, interest costs and the flexibility of extra payments on 15-year and 30-year fixed mortgages.
Mortgage points: pay now, or pay over time?
Compare discount points and lender credits using actual quoted rates, fees and the time you expect to keep a mortgage.
PMI removal: a request is not the automatic date.
Understand the difference between requesting conventional PMI cancellation at 80% and automatic termination on the original schedule.
Compare the life you expect, not just the loan term.
A loan you expect to keep for seven years should also be compared over seven years. Save each offer with its quoted note rate, points, credits and closing fees, then choose a shared comparison horizon. The modeled cost adds interest, mortgage insurance, property tax, insurance, HOA and net closing fees. Principal and down payment are excluded because they build equity. This comparison does not assume investment returns or future home-price changes.
A few things you
might be wondering.
No fine-print scavenger hunt required.
Read the full methodology
Why is the 15-year example using the same rate?
To isolate the effect of the term without inventing a rate quote. For a real comparison, enter the rate and fees offered for each term and save the scenarios.
Are points automatically converted to a lower rate?
No. Points are a closing cost, and there is no universal rate reduction per point. Enter both the quoted rate and the quoted points.
Are saved plans uploaded anywhere?
The application stores them only in this browser on this device. They are not synced to an account. Anyone using this browser profile can see them, so avoid putting sensitive details in plan names.
What does lowest modeled cost mean?
It is the smallest value under the displayed formula and horizon. It is not a lender recommendation and does not account for differences in your opportunity cost, home appreciation or tax treatment.
Source references: CFPB: Lender credits and discount points
Sources checked 2026-09-11. Educational software; no professional review claimed.
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