Loan Comparison

Compare Your Loan Estimates

You got multiple Loan Estimates. Good. Now stop staring at three-page PDFs trying to figure out who actually gave you the better deal. Plug in the numbers, pick your time horizon, and let the math do the talking. The lowest rate is not always the winner.

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How to Read a Loan Estimate

The Loan Estimate is a standardized 3-page form that every lender must provide within 3 business days of your application. Here is what to look for.

Page 1Loan Terms & Monthly Payment
Loan Amount: The total you're borrowing after your down payment.
Interest Rate: The rate you'll pay on the loan balance each year.
Monthly P&I: Principal and interest only — not your full monthly cost.
Estimated Total Monthly Payment: Includes principal, interest, taxes, insurance, and PMI. This is your real out-of-pocket number.
Page 2Closing Costs Breakdown
Section A — Origination Charges: Fees the lender charges to process your loan. This is where points show up.
Section B — Services You Can't Shop For: Appraisal, credit report, flood cert — set by the lender.
Section C — Services You CAN Shop For: Title insurance, settlement agent, survey. You can choose your own provider for these.
Total Loan Costs vs. Total Other Costs: Compare these totals across lenders. Don't just look at the rate.
Page 3Comparisons — The Most Important Page
APR (Annual Percentage Rate): Your interest rate PLUS fees, expressed as a yearly rate. This is the single best number for comparing lenders apples-to-apples. A lender with a lower rate but higher fees may actually have a higher APR.
Total Interest Percentage (TIP): The total interest you'll pay over the full loan term as a percentage of your loan amount. Puts the true cost in perspective.
In 5 Years (Total Paid / Principal Paid): Shows how much you'll have paid and how much equity you'll have built. Critical if you might sell or refinance before 30 years.

The Lowest Rate Isn't Always the Best Deal

A lower rate with high closing costs might cost you more than a slightly higher rate with lower fees — especially if you plan to sell or refinance within a few years.

The shortcut: Compare APRs on Page 3 of each Loan Estimate. The APR accounts for both the rate and the fees, giving you the most accurate comparison in a single number.

Loan Types at a Glance

Understanding which loan program fits your situation is the first step. Here's a quick reference for the most common options.

FHA

Min Down: 3.5%
Min Credit: 580

Best for first-time buyers with limited savings or lower credit scores. Mortgage insurance required.

Conventional

Min Down: 3%
Min Credit: 620

Best for buyers with good credit. PMI drops off at 80% LTV. More flexibility on property types.

VA

Min Down: 0%
Min Credit: None (lender overlay ~580)

For veterans, active military, and eligible spouses. No PMI. No down payment. Best overall terms.

USDA

Min Down: 0%
Min Credit: 640

For rural and suburban properties. No down payment. Income limits apply. Great for eligible areas.

Non-QM

Min Down: 10–20%
Min Credit: Varies (often 660+)

For self-employed, bank statement borrowers, DSCR investors, foreign nationals, or anyone who doesn't fit traditional guidelines. Flexible income documentation.

DSCR

Min Down: 15–25%
Min Credit: 660+

Investment property loans qualified by rental income, not personal income. No W-2 or tax returns needed. Popular with investors and self-employed buyers.

Not sure which loan type fits? A loan officer can review your situation and recommend the best program. Take the readiness assessment to get started.

You are on step 3 of 4 · Qualify

You've seen two loans side by side — rate, payment, PMI, and total cost — without the sales pitch.

Next up: The lender comes later.

Keep the momentum. Step 4 · Connect picks up exactly where this page leaves off — still free, still no credit pull, still no sales call.

This comparison tool is for educational purposes only and does not constitute financial advice. Results are based on the numbers you enter and may not reflect all costs associated with your loan. Actual loan terms, rates, and fees are determined by your lender. Always review your official Loan Estimate documents carefully and consult with a licensed mortgage professional.

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