Compare mortgages by total borrowing cost and time horizon—not interest rate alone.
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Put every quote on equal footing
| Factor | What to compare |
|---|---|
| Rate and APR | Interest rate plus lender costs reflected in APR where applicable |
| Points and credits | Upfront cost or credit and the time needed to break even |
| Loan structure | Fixed or adjustable rate, term length and adjustment limits |
| Cash to close | Down payment, closing costs, prepaid items and reserves |
| Ongoing payment | Principal, interest, tax, insurance, HOA dues and mortgage insurance |
Refinancing break-even
Divide total refinancing costs by estimated monthly savings, then compare that break-even period with how long you expect to keep the loan. Also consider whether extending the term increases lifetime interest.
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Rates and eligibility change frequently. Verify current terms and official disclosures.