Free tool

Free Mortgage Loan Comparison Worksheet

When shopping for a mortgage, comparing lenders on total cost — not just monthly payment — leads to better decisions. This free Google Sheets worksheet makes it easy.

Mortgage Loan Comparison Worksheet

3 tabs: Loan Comparison · Affordability Notes · Instructions · Free

Downloads as .xlsx — open in Excel or upload to Google Sheets via File → Import

How to use the worksheet

Heads up — manual setup required.Download the worksheet first, then get quotes from at least 3 lenders and enter the numbers by hand. The worksheet doesn't connect to the calculator automatically.

1

Download the worksheet

Click "Download Free Worksheet" above. The .xlsx file saves to your device. Open in Excel, or upload to Google Sheets via File → Import.

2

Get quotes from at least 3 lenders

Apply within a 14–45 day window — multiple mortgage inquiries count as one hard inquiry under FICO rules. Request a formal Loan Estimate from each lender.

3

Fill in the Loan Comparison tab

Enter lender name, rate, APR, down payment, taxes, insurance, and PMI for each offer. Total monthly payment, total cost and break-even calculate automatically.

4

Check affordability on tab 2

Enter your gross income. The sheet calculates your 28% front-end and 36% back-end DTI thresholds and flags whether your best offer is within range.

What to compare — not just the rate

Most buyers compare monthly payments and pick the lowest. That's often the wrong move. Here's what actually determines the best loan:

  • APR vs. interest rateThe interest rate is the cost of borrowing the principal. APR includes the rate plus lender fees and points, making it the true cost to compare across lenders. A loan with a lower rate but higher fees can cost more than a loan with a higher rate and no fees.
  • Closing costsOn a $400,000 loan, closing costs vary by $3,000–$8,000 between lenders for identical borrowers. This difference is invisible in the monthly payment but real at the closing table — and in total cost if you roll them into the loan.
  • PMI requirements and removalPMI cost and when it drops off differs by lender and loan program. On FHA loans, MIP lasts the life of the loan. On conventional loans, it cancels at 20% equity. A lender offering a slightly higher rate with no PMI may be cheaper overall.
  • Total interest paid over the loan termTwo loans with the same monthly payment can have dramatically different total costs depending on how they amortize. Always compare the full 30-year cost, not just month one.

What's in the worksheet

Tab 1 — Loan Comparison

  • ✓Lender name and loan type
  • ✓Purchase price, down payment, loan amount
  • ✓Interest rate and APR
  • ✓Monthly P&I, taxes, insurance, PMI
  • ✓Total monthly payment
  • ✓Total interest over loan term
  • ✓Closing costs
  • ✓Break-even point vs Lender 1 (months)
  • ✓Lowest-cost lender shown automatically

Tab 2 — Affordability Notes

  • ✓DTI calculation space
  • ✓Max comfortable payment
  • ✓Notes per lender
  • ✓Compare against your budget

Three comparisons to try first

Not sure what to enter? These examples use a $400,000 purchase and show why the cheapest monthly payment is not always the cheapest loan.

ScenarioLoan ALoan BWhat to look at
Down paymentConventional, 5% downFHA, 3.5% downPMI cancels at 80% LTV; FHA MIP usually lasts the life of the loan
Loan term30-year fixed15-year fixedHigher payment, much lower total interest
Two lenders6.50%, $4,500 fees6.25%, $9,000 feesBreak-even month: extra fees ÷ monthly savings

Related tools: compare up to 6 loans online, 15 vs 30 year calculator, ARM vs fixed calculator, refinance break-even calculator, closing costs calculator and DTI calculator.

Get your numbers before you compare lenders

Use the mortgage calculator to estimate your monthly payment at different rates and loan amounts — then enter those numbers into the worksheet to see which lender wins on total cost.

Use the Mortgage Calculator →

Ready to get real quotes?

These lenders offer fast online pre-qualification with no hard credit pull — so you can fill out the worksheet with real numbers before you commit to anything.

Compare lenders side by side →

FAQ

Frequently Asked Questions