Compare Mortgage Options Side by Side
Small differences in rate, term, or amortization can mean tens of thousands of dollars over the life of your loan. This calculator lets you put two mortgage scenarios head-to-head so you can see exactly what you’d save — or spend — by choosing one option over another.
What Makes a Meaningful Difference
Interest Rate — Even 0.25% matters significantly at scale. On a $500,000 mortgage, a rate that’s 0.5% lower saves roughly $125/month and over $7,500 across a 5-year term.
Amortization Period — A shorter amortization means higher payments but dramatically less interest paid overall. Choosing a 20-year amortization over 30 years on a $500,000 mortgage can save over $75,000 in interest (rate-dependent).
Payment Frequency — Accelerated bi-weekly payments effectively add one extra monthly payment per year, paying your mortgage down faster without a big impact on monthly cash flow.
Fixed vs. Variable — Compare fixed-rate certainty against a variable-rate discount to see which costs less over your chosen term under different rate scenarios.
When to Use This Calculator
- Comparing two lender offers side by side
- Deciding whether to break your mortgage early for a lower rate
- Evaluating fixed vs. variable rate options
- Weighing a 25-year vs. 30-year amortization
What the Calculator Shows You
Enter two sets of mortgage parameters and see a direct comparison of payments, total interest, and remaining balance at the end of the term. The difference is often larger than people expect.
See a scenario worth acting on? Talk to a Skip The Bank mortgage broker and we’ll help you lock in the better option.