Rate impact tool
A small change in your interest rate can mean a big change in your monthly payment — and a huge difference over the life of the loan. See it for your own numbers.
| Rate | Monthly P&I | vs. your rate | Total interest |
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Shows principal and interest only — taxes, insurance, and HOA aren't included. "Total interest" is over the full loan term if you never refinance or pay extra.
A rate difference that looks small on paper adds up over 30 years. This tool shows your monthly principal and interest payment across a range of rates, so you can see exactly what a quarter point is worth on your loan.
On a $400,000, 30-year loan, each 0.25% change in rate moves the payment by roughly $65 a month and total interest by more than $23,000 over the full term. On a 15-year loan the monthly effect is smaller, but total interest is far lower overall.
This tool uses the interest rate. When comparing lenders, also look at the APR, which adds fees and points to show the total cost of borrowing.
On a $400,000, 30-year loan, going from 6.5% to 7.5% raises principal and interest by about $269 a month and adds roughly $97,000 in interest over the full term.
Rates are hard to predict. If a home and payment fit your budget now, waiting has its own costs. You may be able to refinance later if rates fall, but don't buy assuming you will.
Yes. Comparing Loan Estimates from two or three lenders on the same day often finds a lower rate or lower fees, and multiple mortgage credit checks within a short window count as one inquiry.