Mortgage rate calculator
This mortgage rate calculator compares two rates on the same loan, so you see what a lower rate is worth each month and over the life of the loan.
What a half-point is worth
On a $360,000 loan, a half-point lower rate saves roughly $120 a month and over $40,000 in interest across 30 years. That is why it pays to compare lenders and to weigh points, which cost money now to buy a lower rate later.
Rate versus APR
A lender’s APR includes certain fees and points, so it is the better figure for comparing offers. Compare quotes on the same day, for the same loan type, down payment, lock period and points, because rates move daily.
The two loans compared
Loan A ($360,000 at 6.75% for 30 years) costs $2,334.95 a month and $480,586 in interest. Loan B ($360,000 at 6.25% for 30 years) costs $2,216.58 a month and $437,971 in interest. Loan B costs less in total, by $42,615, while its monthly payment is higher by $118.37.
| Loan A | Loan B | |
|---|---|---|
| Amount | $360,000 | $360,000 |
| Rate | 6.75% | 6.25% |
| Term | 30 years | 30 years |
| Monthly payment | $2,334.95 | $2,216.58 |
| Total interest | $480,586 | $437,971 |
| Total paid | $840,586 | $797,971 |
Frequently asked questions
How do I find today’s mortgage rate?
Rates change daily. Get quotes from several lenders for the same loan and lock period. This calculator shows what any rate you are quoted means in dollars.
Should I pay points?
Divide the cost of the points by the monthly saving to get the break-even month. If you will keep the loan longer than that, points can pay off.
Related calculators
Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.