Tools · Run the numbers
Compare loan options
Up to four scenarios, side by side — rate, term, closing date, frequency, and extra payments. See what each really costs from today forward.
Four loan options, side by side. A lower rate, a shorter term, extra principal, biweekly payments — this works out which actually costs less over the years you'll keep the loan, not just on paper.
Set each option's Date closed to compare loans you already have from today forward; leave it blank to treat the loan as starting now.
How they compare
| Metric | A | B | C | D |
|---|---|---|---|---|
| Payment (per period) | $2,275 /mo | $2,158 /mo | $3,136 /mo | $1,050 /2 wks |
| Payoff from today | 30 yrs | 30 yrs | 15 yrs | 24 yrs 9 mo |
| Total interest (life of loan) | $459,160 | $417,017 | $204,478 | $315,384 |
| Interest paid so far | $0 | $0 | $0 | $0 |
| Balance today | $360,000 | $360,000 | $360,000 | $360,000 |
| Interest left from today | $459,160 | $417,017 | $204,478 | $315,384 |
| Savings vs. costliest | — | $42,143 | $254,683(+$861/mo) | $143,776 |
Lower total interest often means a higher monthly payment or faster prepayment — not a free saving. A shorter term or extra payments cut interest by paying more sooner; a lower rate cuts it for the same payment. Compare the payment row alongside the savings row. Savings here is interest remaining from today vs. the costliest option, so options with different closing dates still compare fairly; biweekly is modeled as one extra monthly payment per year.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,024 | $23,282 | $355,976 |
| 2 | $4,293 | $23,012 | $351,683 |
| 3 | $4,581 | $22,725 | $347,102 |
| 4 | $4,888 | $22,418 | $342,214 |
| 5 | $5,215 | $22,090 | $337,000 |
| 6 | $5,564 | $21,741 | $331,435 |
| 7 | $5,937 | $21,368 | $325,498 |
| 8 | $6,334 | $20,971 | $319,164 |
| 9 | $6,759 | $20,547 | $312,405 |
| 10 | $7,211 | $20,094 | $305,194 |
| 11 | $7,694 | $19,611 | $297,500 |
| 12 | $8,210 | $19,096 | $289,290 |
| 13 | $8,759 | $18,546 | $280,531 |
| 14 | $9,346 | $17,959 | $271,185 |
| 15 | $9,972 | $17,333 | $261,213 |
| 16 | $10,640 | $16,666 | $250,573 |
| 17 | $11,352 | $15,953 | $239,221 |
| 18 | $12,113 | $15,193 | $227,108 |
| 19 | $12,924 | $14,382 | $214,184 |
| 20 | $13,789 | $13,516 | $200,395 |
| 21 | $14,713 | $12,592 | $185,682 |
| 22 | $15,698 | $11,607 | $169,984 |
| 23 | $16,750 | $10,556 | $153,234 |
| 24 | $17,871 | $9,434 | $135,363 |
| 25 | $19,068 | $8,237 | $116,295 |
| 26 | $20,345 | $6,960 | $95,950 |
| 27 | $21,708 | $5,598 | $74,242 |
| 28 | $23,162 | $4,144 | $51,081 |
| 29 | $24,713 | $2,593 | $26,368 |
| 30 | $26,368 | $938 | $0 |
Estimates only — not a quote, pre-approval, or offer of credit. Your actual terms come from a lender's Loan Estimate. Use it to weigh the options, not as a final figure.
Terms on this page
- AmortizationThe schedule by which your loan is paid off; early on most of each payment is interest, later most goes to principal.
- PrincipalThe amount you borrowed and still owe, separate from interest.
- Fixed-rate mortgageA loan whose rate — and principal-and-interest payment — stays the same for the whole term.
- Principal & interest (P&I)The core loan payment — repaying what you borrowed plus the cost of borrowing it; taxes and insurance ride on top.
- Loan termHow long the loan is scheduled to last — shorter terms mean higher payments but far less total interest.
- Biweekly paymentsPaying half your monthly payment every two weeks — 26 halves a year, which equals one extra full payment annually.
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