Loan offer comparison
Drop in three lender quotes from your Loan Estimates and instantly see which one wins on the time horizon you actually care about.
Loan offer comparison
Paste up to three lender quotes and see which one wins on monthly payment, on 5-year cost (typical hold), on lifetime cost, and on true APR.
| Lender | Monthly P&I | Up-front cash | Effective APR | 5-yr total cost | 10-yr total cost | Lifetime total |
|---|---|---|---|---|---|---|
| Lender A | $2,023 | $1,500 | 6.545% | $122,857 | $244,214 | $729,642 |
| Lender B | $1,970 | $4,400 | 6.382% | $122,618 | $240,835 | $713,706 |
| Lender C | $1,919 | $7,300 | 6.217% | $122,414 | $237,527 | $697,982 |
Effective APR = the rate at which the loan’s payment stream equals proceeds minus points and origination fees. It’s the apples-to-apples rate the federal Truth in Lending Act requires lenders to disclose.
Frequently asked questions
Which number actually matters when comparing mortgage offers?
The "5-year total cost" if you expect to refinance or sell within 7 years (most US borrowers do). Use the "lifetime total" if you plan to keep the loan to maturity. Effective APR is the regulated single number designed to roll rate plus fees into one comparable rate.
What is "Effective APR" and how is it different from the rate?
Effective APR is the rate at which the loan’s scheduled payment stream equals the cash you actually receive (loan amount minus points, origination, and other prepaid finance charges). Federal law requires lenders to disclose APR so two offers with different fee structures can be compared on one number.
Can a higher-rate loan be cheaper?
Yes — if its up-front fees are much lower and you sell or refinance within a few years before the rate difference accumulates. The 5-year and 10-year cost columns surface exactly this scenario.
Should I always pick the offer with the lowest APR?
Usually but not always. APR assumes you keep the loan to its full term, which most borrowers don’t. If you expect to move sooner, the 5-year total cost is a better tiebreaker.