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Mortgage Comparison Calculator
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Mortgage Comparison Calculator

Calculator developed by

Use our Mortgage Comparison Calculator to compare the monthly payment, total interest expense and closing costs for up to three mortgages.  The calculator simplifies the process of comparing mortgage quotes from multiple lenders which often vary widely and use different terminology.
To use the calculator input the loan amount and length, interest rate and closing costs for the mortgages you want to compare. This enables you to evaluate loans with different lengths -- such 15, 20 and 30 year mortgages -- to understand how the monthly payment and total interest expense changes.  The longer the loan term, the lower the monthly payment but higher the interest expense over the life of the mortgage. 
You can also use the calculator to evaluate different combinations of interest rates and closing costs.  Mortgage proposals with lower rates usually charge higher closing costs and you can understand how these factors impact  your payment.  Because loan terms differ significantly by lender and program, our calculator enables you to perform a consistent comparison of multiple mortgages.   For example you can understand how a mortgage with a low rate and high closing costs compares to a loan with a higher rate and lower costs.
Our Mortgage Comparison Calculator shows you the loan with the lowest monthly payment, lowest combination of interest rate and closing costs and lowest total interest expense over the life of the loan. You can use this information to select the mortgage, program and lender that are right for you.  We also offer a version of this calculator that does not require personal information.

When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click here for a version of this calculator that does not require personal info
Rate Details*
Loan Program:  
Monthly Payment:  
Points  More Info:
Points: Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Total Lender Fees:  
Loan type:  
Property Value:  
Loan to Value:  
Credit Rating:  
Date Submitted:  
Monthly Housing Payments
P & I More Info
Principal & Interest: A periodic payment, usually paid monthly, that includes the interest charges for the period plus an amount applied to the reduction of the principal balance.
Mortgage Insurance More Info
Mortgage Insurance: The monthly cost for a policy that protects the lender in case you’re unable to repay the full amount of the loan. It is typically required for loans that have a loan-to-value ratio between 80% to 100%.
Property Tax More Info
Property Tax: (Also called "Real Estate Tax.") Property taxes are government assessments on real estate property. With mortgage financing, the local, county or state tax assessment on real estate property is considered part of the monthly housing obligation and typically collected and set aside by the lender ...
Homeowner Insurance More Info
Homeowner Insurance: or also commonly called hazard insurance, is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of its use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.lender ...
Homeowner Association Fee More Info
Homeowner Association fee: (HOA) fees are funds that are collected from homeowners in a condominium complex to obtain the income needed to pay (typically) for master insurance, exterior and interior (as appropriate) maintenance, landscaping, water, sewer, and garbage costs.
(If Any)
Total Monthly Housing Payments
Lender Fees
Points More Info
Points Fees you are willing to pay in order to get a lower interest rate. The number of points refers to the percentage of the loan amount that you would pay. For example, "2 points" means a charge of 2% of the loan amount.
Origination Fee More Info
Origination Charge: A loan origination charge is a fee charged by the lender for evaluating, processing, and closing the loan.
Credit Report Fee More Info
Credit Report Fee: Fee charged to obtain an applicant’s credit history prepared by one or all of the three major credit bureaus. Used by lender to determine the borrower’s creditworthiness.
Tax Service Fee More Info
Tax Service Fee: A fee charged by the lender to cover the cost of retaining a tax service agency. These agencies monitor the property tax payments on the property and report the results to the lender.
Processing Fee More Info
Processing Fee: A processing fee is a charge by the lender for clerical items associated with the loan. Examples of processing include loan set up, organization of loan conditions for underwriting, and preparing required disclosures for the borrower.
Underwriting Fee More Info
Underwriting Fee: A fee charged by the lender to verify information on the loan application, authenticate the property’s value, and perform a risk analysis on the overall loan package.
Wire Transfer Fee More Info
Wire Transfer Fee: In most cases lenders wire funds to escrow companies to fund a loan. Commercial banks that perform this function will charge the lender so the fee is generally passed on to the borrower.
(If Any)
FHA Upfront Premium More Info
FHA Upfront Premium: A fee paid in cash at the close of escrow or more commonly it is financed into the loan. These premiums are pooled together by the FHA and are used to insure the risk of borrower default on FHA loans. FHA upfront premiums are prorated over a five year period, meaning should the homeowner refinance or sell during the first five years of the loan, they are entitled to a partial refund of the FHA upfront premium paid at loan inception.
(If any)
VA funding Fee (If any)
Flood Fee
Other Fees More Info

Other fees could be either additional Administrative Fees that a lender charges or it could be a Flat Fee to cover all lender charges such as: (Origination Fees, Points, Underwriting and Processing Fees, Credit Reports and Tax Service Fees)

The flat fee does not include prepaid items and third party costs such as appraisal fees, recording fees, prepaid interest, property & transfer taxes, homeowners insurance, borrower’s attorney’s fees, private mortgage insurance premiums (if applicable), survey costs, title insurance and related services.

Total Lender Fees
*Actual rates and other information may vary. Sponsored results shown only include participating lenders. The information you enter on this page will only be shared with lenders you choose to contact, either by calling the phone number or requesting a quote.
Current Mortgage Rates as of December 11, 2018
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

How to Compare Mortgages


Shop for Your Mortgage

Borrowers should shop for a mortgage business just like they would any other big purchase.  FREEandCLEAR recommends that borrowers compare proposals from at least four lenders before selecting a mortgage.  There are different types of lenders -- banks, mortgage banks, mortgage brokers and credit unions -- and borrowers benefit by contacting multiple types of lenders.  For example, a mortgage broker compares multiple lenders on behalf of borrowers while a big bank may offer competitive mortgage rates, especially for existing customers.  Shopping for a mortgage takes extra time but can save borrowers thousands of dollars in closing costs and interest expense over the life of their mortgage.   Our Mortgage Comparison Calculator makes it easier to shop lenders by enabling you to compare the key terms for multiple proposals.


Mortgage Items You Should Compare

The key items that borrowers should compare when shopping for a mortgage are interest rate and closing costs.  Your mortgage rate is the rate of interest you pay to the lender for borrowing money while closing costs are the fees and expenses borrowers are required to pay to the lender and third party to process and close your mortgage.  In some cases there is a trade-off between mortgage rate and closing costs.  For example, a lender may quote a lower rate but higher closing costs as compared to another lender.  Use our calculator to compare loans with different interest rates and closing costs. 


Documents You Should Request from Lenders

When you are shopping for a mortgage make sure that lenders provide you with a Loan Estimate and Lender Fees Worksheet.  Lenders are legally required to provide a Loan Estimate that outlines key mortgage terms such as interest rate and closing costs within three days of submitting a loan application.  The Lender Fees Worksheet provides more detailed information on mortgage costs and fees.  Lenders should provide both the Loan Estimate and Lender Fees Worksheet to borrowers free of charge.  Borrowers can use the information provided on these two documents to more easily compare mortgage proposals from different lenders.  Input the information provided by the lenders into our calculator to find the loan and lender that best meet your financial objectives.   


Compare Different Types and Lengths of Mortgages

Mortgage shopping is also about comparing different types and lengths of mortgages.  For example, borrowers should compare a fixed rate mortgage to an adjustable rate mortgage (ARM) or a 30 year loan to a 15 year loan.  When comparing different types and lengths of mortgages borrowers should consider if their interest rate and monthly payment can change over the course of their loan, like it can with an ARM.  Additionally borrower should compare both the monthly payment as well as total interest expense over the life of the mortgage.  For example, a 15 year mortgage has a higher monthly payment than a 30 year mortgage but can save borrowers tens or hundreds of thousands of dollars in interest expense of the term of the loan. 


Make Sure the Rate Lock Period is the Same for All Proposals

When you compare mortgage quotes from different lenders make sure that the interest rate lock period is the same for all proposals. The rate lock period is the amount of time your loan terms are good for.  As long as you close your loan within that period of times, your mortgage rate and closing costs should not change, even if interest rates increase while your loan is processed.  The length of the rate lock period impacts your mortgage rate and potentially your closing costs, with the longer the lock period, the higher your rate.  Mortgages with different rate lock periods -- for example if one lender uses 15 days and another lender uses 45 days -- could have very different loan terms so make sure that the quotes you compare use the same lock period length.  

More FREEandCLEAR Mortgage Resources

Mortgage Guides

How to Compare Proposals and Select the Right Mortgage

Review our step-by-step guide on how to compare mortgage proposals including how to negotiate the lowest mortgage rate and closing costs


Mortgage Rates

Compare mortgage rates and fees for top lenders near you.  Comparing proposals from multiple lenders is the best way to save money on your mortgage

Ask a Mortgage Expert

Ask a Mortgage Expert

Got mortgage questions? We love answering them. Submit your mortgage questions and receive an informative response within 24 hours

Mortgage Expert Insights

Mortgage Expert Insights

Money and time-saving advice across a wide range of mortgage topics from an expert with over forty years of industry experience


What Mortgage Program is Right for Me?

Review how fixed rate, adjustable rate and interest only mortgages work, including advantages and disadvantages and key program features, so you can select the program that works for you


What Length of Mortgage Should I Choose?

Understand how the length of your mortgage affects your interest rate, monthly payment and total interest expense so you can choose the loan term that best meets your needs


Compare Mortgage Offers: https://www.consumerfinance.gov/owning-a-home/compare/choose-loan-offer/

About the calculator developer

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

Michael Jensen LinkedInLinkedIn | Email Michael JensenEmail

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