Using Loan Comparison Calculator
Purchase: Put the loan amount + the total lender cost in the loan amount field, do not include the third party fees or pre paids, since they will be the same at closing regardless of the lender you use, however the quotes for those fees upfront could vary. It does not matter if you are going to pay for the cost with cash at closing or not, for comparison reasons only, add the lender cost to the loan amount.
Refinance: Put the loan amount + the total closing cost in the loan amount field even if you are not financing the closing cost. Each lender chooses the title and escrow companies, so the fees vary from lender to lender, make sure you put the TOTAL closing cost + the loan amount.
NOTE: It is not recommended to compare the total interest or payments on a 15 year or longer term since you will most likely redo the home loan or sell it in less than 7 years. We recommend putting 5 or 7 years in the term instead of the actual term, to see which one will save you the most in that time frame. According to a study by the largest mortgage lender in the USA, people who choose a 30 year fixed are more than 95% likely to redo it in less than 7 years.
