Purchase · 4 min read
How should I compare two or three mortgage quotes?
July 25, 2026 · Written by Bill Egan, NMLS 7342
Short answer
Keep the purchase price the same, then look at three things: the full monthly payment (loan, taxes, insurance, and HOA), cash to close, and what you will have spent after 5, 7, or 10 years. The cheapest monthly payment is often the 30-year. The cheapest loan over a decade is often a shorter term or a quote with fewer points. Type in every rate yourself. A calculator is not a lock.
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Why this comes up
Two or three lender emails, mixed terms, and no winner. A 30-year, a 15-year, and an FHA quote on different prices is not a comparison. It is noise.
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Where this goes wrong
You mix a 30-year conventional, a 15-year, and FHA on different prices, pick a winner, then the live file does not match. Processing cannot honor a comparison that never used the same lock, the same price, or the insurance. The contract is based on the wrong payment.
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What we do about it
We keep the purchase price the same and look at monthly PITI, cash to close, and cost over 5, 7, or 10 years. We will price a live file when you are ready. The calculator on this site is for lining up the quotes you type in — it is not a lock.
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How to get ready
Use the comparison calculator. Put the same price in every column. Enter every rate yourself. Include FHA insurance or the VA funding fee if those products are in the mix — confirm schedules at hud.gov and va.gov. The lowest payment is not always the cheapest loan.