Use these comparisons for planning; final eligibility, pricing and terms are set by the provider.
Terms Needed for a Like-for-Like Quote
| Quote component | What to record |
|---|---|
| Current payoff and remaining term | Use the actual written term for each quote; keep a different assumption explicitly labeled. |
| Current and new rate | Use the actual written term for each quote; keep a different assumption explicitly labeled. |
| Cash-paid fees | Use the actual written term for each quote; keep a different assumption explicitly labeled. |
| Financed fees | Use the actual written term for each quote; keep a different assumption explicitly labeled. |
| Holding period | Use the actual written term for each quote; keep a different assumption explicitly labeled. |
Count cash-paid and financed closing costs once
Financed fees increase the new balance and can accrue interest. Cash-paid costs reduce your available savings. Put each charge in the appropriate field and compare the old and new balance at the same future month. A payment-only break-even calculation can miss the cost of restarting amortization.
Show cash-paid and financed fees separately. Compare payments and balances at the same future month. A long new term can reduce the payment without reducing the cost of carrying the debt.
Rate, APR, points and total cost
The note rate drives interest calculations. An APR includes specified costs under the applicable disclosure rules and is not interchangeable with a monthly payment. Points and lender credits change the upfront/rate trade-off. Compare the actual disclosures and ask the provider to identify which charges are financed, paid in cash or offset by credits. The tool’s borrowing-cost output is not a regulatory APR. CFPB: Loan Estimate explainer
A transaction scenario to compare
Illustration: moving from 20 remaining years to a new 30-year loan can lower the payment without reducing total borrowing cost. Test the same five-year horizon with both balances and all fees visible.
Open the appropriate calculator. Replace illustrative starting values with your own assumptions. Review the result’s exclusions before using it in a decision.
Choose the product before choosing a quote
| Financing route | When to compare it |
|---|---|
| Mortgage Refinance Options | Review product parameters, eligibility and documents. |
| Mortgage Rate-Lock Options | Check the written lock period and extension terms. |
| Mortgage Closing Cost Comparison | Separate lender charges, prepaid items and cash to close. |
How to use the comparison result
First verify that both quotes address the same purpose and net amount. Next compare the required payment with your budget, then compare interest, fees and the balances at a common future month. A different loan amount produces a warning in the quote tool. For ARMs, HELOCs, balloons, interest-only or reverse loans, use the actual contract and relevant product model instead of treating them as standard fixed-rate loans.
At my expected exit date, is the total cost lower after all fees and remaining balances? This question requires the actual provider’s written terms; the page supplies no live lender offer or guaranteed closing rate.
Program references and comparison sources
CFPB: Loan Estimate explainer — Comparison of covered mortgage disclosures, cash to close, points, lender credits and monthly costs.
CFPB: Understand the different kinds of loans available — Loan structures, terms and repayment risks; not provider-specific eligibility.
Check the linked source for its effective date and applicable scope. A source link is not a lender partnership or an individual offer.