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What to type before you compare lenders
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This guide
Price, down payment, and term first. Then each lender’s note rate and APR. Hold period last.
Shared inputs
Both offers use one price, one down payment, and one term. Set those to the house you are actually considering. If you are unsure of tax and insurance, type your current estimates so the housing total is honest, even though they will not decide the winner.
Confirm the loan is price minus down payment. If a lender added fees to the loan, their payment will not match until you account for that outside this comparison.
The two pairs
For each offer, type the note rate and the APR from that lender’s estimate. Do not average them. Do not put the APR in the note-rate field.
Give the offers plain labels so the result sentence names the right one. The cheaper label is the lower sum of fee plus interest over the hold.
Then the hold
Type how many years you expect to keep the loan. Read the savings, the monthly gap, and the break-even month together. One number without the others is how a lower payment wins an argument it should lose.
If the two APRs are missing, type them before you trust a fee of zero.
This explains how WiseCalculator treats the numbers you type. It is not a lender’s offer and it is not advice for your loan.
More in Home
- Interest-only loans are not this scheduleThe mortgage schedule always applies principal. An interest-only period would leave the balance flat, and this tool will not draw that.
- What extra years on a mortgage costLengthening the term lowers the payment and raises cumulative interest. The yearly table is where that cost shows up.
- The month you owe less than you borrowedYou owe less than you borrowed after the first principal payment. The early drop is small because interest takes most of the payment.