How should you compare a mortgage before requesting options?
Quick answer: Compare the written loan terms, required cash at closing and a complete monthly housing budget. The principal-and-interest figure is only part of the cost. Start with the actual loan principal and note interest rate; a calculator does not establish approval, current pricing or property eligibility.
Updated October 23, 2026 · Borrow Your Loan · Original mathematical examples, not market-rate observations.
Mortgage payment and ownership-budget calculator · 60 original payment scenarios and downloads · Document checklist
What changes between 15 and 30 years?
| Term | Monthly P&I only | Full-term interest | Interest in first 60 payments | Principal after 60 payments |
|---|---|---|---|---|
| 15 years | $2,531.57 | $155,682.69 | $79,921.52 | $228,027.30 |
| 30 years | $1,798.65 | $347,514.57 | $87,082.16 | $279,163.07 |
The 15-year case requires more monthly cash and repays principal faster. The 30-year case has a smaller scheduled P&I payment but a longer payoff period. Taxes, insurance, mortgage insurance, HOA and closing costs are excluded from this table. Full-precision payments are used before rounding.
The version 1.0.0 data and methodology include the full 60-case grid and its five-year measures. A five-year remaining-principal figure is not a payoff quote. Interest already paid and principal still owed are different measures.
What sits outside principal and interest?
| Component | Monthly amount | Scope |
|---|---|---|
| Principal and interest | $1,798.65 | Fixed 300K/6%/360-month mathematical example. |
| Property tax budget | $500.00 | Invented annual tax assumption of $6,000 divided by 12. |
| Homeowners insurance budget | $200.00 | Invented annual premium of $2,400 divided by 12. |
| Mortgage insurance assumption | $150.00 | Optional input for illustration; not a determination that it applies. |
| HOA assumption | $200.00 | May be paid separately; not assumed to be escrow. |
| Estimated monthly ownership budget | $2,848.65 | Sum of the above, not a lender payment or full household budget. |
If only the tax assumption rises 20% and the homeowners-insurance assumption rises 25%, this illustrated budget increases by $150 per month. That is sensitivity arithmetic, not a tax or premium forecast. Do not add escrow again when its tax/insurance components are already included. Maintenance, utilities and other household expenses are not modeled.
The CFPB explains P&I versus the total monthly payment, including taxes, insurance and separately paid costs. Budget for an expense even when it is not collected through escrow.
Which written records help compare offers?
| Record | What to compare | Question to resolve |
|---|---|---|
| Loan amount and property price | Starting principal versus price and down payment. | Does the cash-to-close figure include every required item? |
| Note rate and APR | Interest input versus broader disclosed borrowing-cost measure. | Are fees and points comparable across the offers? |
| Projected payments | P&I, mortgage insurance and escrow components. | Which costs can change, and which are paid separately? |
| Closing costs and credits | Itemized fees, points and lender credits. | What is paid upfront versus financed or traded for a different rate? |
| Term and loan features | Payoff horizon, fixed or adjustable features and any special payment terms. | Does the payment comparison cover the relevant future period? |
The CFPB distinguishes interest rate from APR. Use the note interest rate for P&I arithmetic; compare the provider’s actual APR and disclosures for applicable fees. The Closing Disclosure explainer helps identify the written figures. This worksheet is not a substitute for required disclosures.
Where should you continue?
- Prepare identity, income, asset and property questions.
- Understand mortgage DTI and use the ratio calculator; do not infer an approval threshold from a sample percentage.
- Distinguish preapproval and prequalification.
- Compare 15 and 30 years and fixed versus adjustable features.
- Review points, mortgage insurance and cash-budget affordability.
Borrow Your Loan is a connection service, not the lender. Any actual offer, underwriting and terms belong to the provider. Read editorial policy and commercial disclosure. The examples assume fixed monthly amortization, on-time payments and no refinancing or prepayment; they exclude fees and ownership costs unless a component is explicitly added.
Which mortgage preparation question should you resolve next?
- Mortgage Requirements and Document Checklist: Estimate vs Verification
- Mortgage DTI: Housing Components and a Cost Stress Test
- Mortgage Affordability: P&I vs a Sustainable Cash Budget
- Mortgage Closing Costs vs Cash to Close: A Worked Reconciliation
- Mortgage Credit Scores: Verify the File and Compare Actual Terms
- Mortgage Down Payment: Principal, Payment and Cash-Reserve Tradeoffs
- 15 vs 30 Year Mortgage: Monthly Cash, Five-Year Interest and Balance
- Fixed vs Adjustable Mortgage: A Reproducible Payment-Reset Stress Test
- Mortgage Points: Upfront Cost and Simple Payment Break-Even
- Mortgage Rate Locks: Verify the Written Window and Conditions
- Mortgage Insurance vs Homeowners Insurance: Cost and Document Checks
- Preapproval vs Prequalification: Read the Conditions, Not Just the Label
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