Mortgage Comparison Calculator Spreadsheet

About this template

This mortgage comparison spreadsheet shows why the lowest rate is not always the cheapest loan. In the demo, 4.39% costs more than 4.54%. It is for homebuyers and anyone weighing a refinance who wants to compare mortgages with every cost included.

Please read: This is a tracker tool only, not financial, tax, legal, medical or any other professional advice or advisory service. It records and calculates what you enter; you are solely responsible for checking all figures, rates, dates and results and for every decision you make. By purchasing, downloading or using it, you accept these terms (your statutory consumer rights are not affected).

Four offers, every cost in

Enter up to four offers side by side with rate, term, amortization, lender fee and points. Then the sheet does two things most comparison sheets get wrong.

• The same number of months. Offers with different terms are compared over the shortest term on offer. A three-year term simply has fewer payments in it; it is not cheaper.
• The balance still owed. What you would still owe at the end of the term is counted. Leave it out and the answer flips.

What is left is interest plus fees: the real cost. In the demo the cheapest rate on the page, 4.39%, costs 952 more than 4.54% once its mortgage points and its fee are in. Break even against the no-fee offer is 32.6 months for the winner and 46.2 for the one with the tempting rate.

What it works out

• Offer comparison: four offers, every cost in, over a common horizon
• Break-even against the no-fee offer, in months
• Balance still owed when your term ends, for each offer

Eleven connected tabs

Everything recalculates from your debt list, so nothing is typed twice. The same workbook also plans payoff for other debts:

• Both snowball and avalanche calculated in full, month by month
• Freed minimums roll onto the next debt automatically
• A payoff date per debt, and the month you are done
• 400 payments logged, split into principal and interest
• Charts that redraw from your own numbers, not pictures

Lender fees and points are the closing costs that most change the answer, which is why each one is entered per offer.

You get a filled-in copy as well as a blank one: a full demo you can click through and a blank ready for your own numbers, in Excel and Google Sheets. There are no dynamic arrays, no macros and no add-ins, and the Google Sheets version is a real workbook, not a PDF with a link in it.

Works with

• Microsoft Excel 2016, 2019, 2021 and Microsoft 365, on Windows and Mac, and LibreOffice. No Microsoft 365 subscription required.
• Google Sheets with a free Google account. No Google account is needed for the Excel files.
• No add-ins, no macros, no subscription and no bank connection

What you download

• The Excel workbook filled with a worked example, and the same workbook blank and ready for yours
• The instruction guide, which has one-click links to the Google Sheets versions (filled and blank)
• The terms of use as a PDF

Your files are ready to download as soon as payment clears. The Start Here tab walks you through setup in a few minutes. The files are for your own use; please do not share or resell them. Questions before or after you buy? Use our contact page and we will help.

Frequently asked questions

Can I use it in Excel or Google Sheets?

Both. You get Excel files for Excel 2016 or later on Windows and Mac, and the instruction guide has one-click links to make Google Sheets copies with a free Google account.

How many mortgage offers can I compare?

Four, side by side, each with rate, term, amortization, lender fee and points.

How does it compare offers with different terms?

Everything is measured over the shortest term on offer, and the balance still owed at that point is counted, so a shorter term does not look cheaper just because it has fewer payments.

What does break-even mean here?

The number of months before an offer with fees or points becomes cheaper than the no-fee offer.

Will it tell me which mortgage to choose?

No. It calculates the figures you enter. It is not financial advice, so check the results and the terms with your lender.