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Mortgage Offer Analyzer
Enter a shared loan amount, then the terms of the offer. Results show the monthly payment, total interest, PMI, and total cost — either to full term or truncated at a holding period you set. Raise the offer count to put up to four offers side by side and see which costs least. Excludes property taxes, homeowners insurance, and escrow.
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The link carries the figures you entered — loan amount, home value, rates, fees. Share it only with people you want to see them.
Method. Payment M = P·i·(1+i)n / [(1+i)n −1], where i = rate÷payments-per-year and n = term×payments-per-year. Total to term = M×n + fees + PMI. EAR = (1+i)m −1. Over a holding period, cost = payments made + PMI paid + fees + remaining balance still owed.
PMI. Charged while the scheduled loan balance exceeds the selected share (78% or 80%) of the home’s original value, and never past the midpoint of the amortization schedule (HPA “final termination”). Under the Homeowners Protection Act, servicers must terminate PMI automatically at 78% LTV of original value and must grant a written cancellation request at 80%; original value means the lower of sale price or appraised value at purchase. This model assumes scheduled amortization only — extra principal payments or appreciation can end PMI sooner, and cancellation at 80% must be requested. FHA mortgage insurance (MIP) follows different rules and is not modeled.
Existing calculators to cross-check:bankrate.com/mortgages/amortization-calculator yourhome.fanniemae.com/calculators-tools/mortgage-calculator smartasset.com/mortgage/mortgage-calculator
Definitions
Offer
One lender’s quoted loan terms — rate, term, fees, and mortgage insurance — for the same loan amount, so competing quotes can be compared side by side.
Principal (loan amount)
The sum you borrow, before any interest; each payment splits between interest owed and principal repaid, and the unpaid principal is your balance.
Holding period
How long you expect to keep the loan before selling or refinancing; costs are truncated there instead of running to full term.
Home value at purchase (original value)
The lower of the sale price and the appraised value at closing; mortgage insurance rules measure your loan against this figure, not against later market value.
PMI removal rule
Which of the two Homeowners Protection Act exit points this model applies: cancellation you request at 80% LTV, or automatic termination the servicer must perform at 78%.
PMI premium basis
Whether the monthly premium is recalculated on the declining balance, so it shrinks as you pay down, or fixed on the original loan amount.
Annual interest rate
The nominal yearly rate quoted on the loan, divided by the number of payments per year to get the rate charged each period.
Payments per year
How many payments the schedule makes annually — 12 for monthly, 26 for biweekly — which sets both the periodic rate and the total number of payments.
Upfront fees and points
Cash paid at closing for origination and other charges, plus points paid to buy the rate down; one point is 1% of the loan amount.
PMI annual rate
The yearly mortgage insurance premium as a percentage of the balance it is charged on; divide by payments per year for the amount added to each payment.
Payment, P&I (principal and interest)
The scheduled payment covering interest owed plus principal repaid; it excludes mortgage insurance, property taxes, homeowners insurance, and escrow.
EAR (effective annual rate)
What the nominal rate actually costs over a year once compounding within the year is counted, so loans with different payment frequencies compare fairly.
Initial LTV
The loan-to-value ratio at closing: loan amount divided by home value at purchase; above 80% the lender requires mortgage insurance.
LTV (loan-to-value)
Loan balance divided by the home’s value, as a percentage; it falls as the balance amortizes and is the trigger for removing mortgage insurance.
Total interest
Every dollar of interest paid across the full amortization schedule: all payments made minus the principal borrowed.
Interest paid
Interest paid through the holding period only — payments made so far minus the principal actually retired in that span.
PMI ends
The payment number, and its year, at which the scheduled balance first drops to the removal threshold, or the amortization midpoint if that comes first.
Total PMI
All mortgage insurance premiums charged from the first payment until PMI ends.
Total cost
Everything the loan costs to full term: all payments made, plus upfront fees, plus total mortgage insurance.
Remaining balance
Principal still owed at the end of the holding period, which you must pay off when you sell or refinance.
Cost to walk away
What the loan costs if you leave at the end of the holding period: payments made, plus mortgage insurance paid, plus upfront fees, plus the remaining balance.
Term
The number of years the amortization schedule runs, which fixes the payment size; 30 years is standard, and shorter terms cost more each month but less overall.
PMI (private mortgage insurance)
Insurance the lender requires while the loan is large relative to the home’s value; it protects the lender, not you, and is charged on top of principal and interest.
HPA (Homeowners Protection Act)
The federal law setting PMI exit rules: automatic termination at 78% LTV of original value, a cancellation request you may make at 80%, and final termination at the amortization midpoint regardless of balance.
Amortization midpoint
Half the scheduled payments in; the HPA requires PMI to end here even if the balance has not reached the LTV threshold.
Amortization
The fixed schedule that retires the loan through equal payments, with interest taking most of each early payment and principal most of each late one.
Escrow
An account the servicer holds to pay property taxes and homeowners insurance on your behalf; not modeled here.
MIP (mortgage insurance premium)
The FHA equivalent of PMI, which follows different rules — often for the life of the loan — and is not modeled here.
General information, not financial advice. Verify against your official Loan Estimate. Note compounding conventions differ by jurisdiction (e.g., Canadian fixed-rate mortgages compound semi-annually by law), which affects the effective rate.
Questions, comments, feature requests, or bug reports — github.com/phantom-signals/MortgageOfferAnalyzer