Ask each lender to price the same loan amount, program, term, and lock period on the same day. Compare the cash due at closing and the monthly payment, then consider how long you expect to keep the loan.
Choose the guide that matches your decision
Know where to look on the Loan Estimate
- Page 1. Confirm the loan amount, term, rate, lock status, and monthly payment. Check whether the payment includes estimated taxes, insurance, and any mortgage insurance.
- Page 2. Separate origination charges, points, and lender credits from prepaids and escrow deposits. Compare the final cash-to-close figure for each offer.
- Page 3. The five-year comparison shows both total paid and principal paid. Subtract the principal paid from the total paid to compare five-year borrowing costs using the same measure.
Compare upfront costs with monthly savings
Use the points break-even calculator to compare the cost of paying points with potential payment savings. If you are buying and negotiating with the seller, try the temporary buydown versus price reduction calculator. If you are replacing an existing loan, start with the refinance closing costs guide.
Check the loan structure before comparing costs. The loan options guides explain common programs, and the California county loan limits table helps you check where your loan amount falls.
Sources
Review the offer you have
Bring the date, lock terms, rate, and cost breakdown. Remove sensitive identifiers before sharing documents.