Mortgage Comparison Advisor
PROCompare mortgage offers like a pro. Analyze APR vs rate, calculate true costs, understand points and fees, and find the best loan for your situation.
Example Usage
I’m borrowing $380,000 for a home purchase and have three mortgage offers:
Lender A: 6.625% rate, 0 points, $4,500 closing costs, APR 6.78% Lender B: 6.375% rate, 1 point ($3,800), $5,200 closing costs, APR 6.62% Lender C: 6.5% rate, 0.5 points ($1,900), $4,800 closing costs, APR 6.71%
I plan to stay in this home for about 7 years but might refinance if rates drop significantly. Which offer is actually the best deal? Help me understand the true cost of each and when the points break even.
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Suggested Customization
| Description | Default | Your Value |
|---|---|---|
| The mortgage amount you're borrowing | $320,000 | |
| Loan term in years | 30 years | |
| The mortgage offers you're comparing | ||
| How long you plan to stay in the home | 5-7 years |
Compare mortgage offers with expert analysis of APR, points, fees, and true costs to find the best loan for your situation and timeline.
Research Sources
This skill was built using research from these authoritative sources:
- Understanding Mortgage Interest Rates | CFPB Consumer Financial Protection Bureau mortgage guidance
- Mortgage Points Calculator | Bankrate Points breakeven analysis methodology
- Compare Mortgage Offers | NerdWallet Comprehensive mortgage comparison framework
- APR vs Interest Rate | Investopedia Understanding APR calculations