How to compare mortgage offers (U.S.)

Common trap: choosing the lowest advertised rate while missing total upfront cash and real monthly payment.

Use one assumption set for every lender

• Same home price and down payment
• Same target closing timeline
• Same credit profile assumptions

Three numbers that matter most

• APR: better for apples-to-apples than note rate alone
• PITI: principal + interest + taxes + insurance (plus HOA if relevant)
• Cash-to-close: your actual upfront requirement

Quick decision checklist

1. Compare APR, not just headline rate (from each lender’s official disclosures)
2. Compare monthly PITI, not just principal + interest
3. Confirm total cash-to-close in writing
4. Stress test payment for rate/tax/insurance drift

Note: ProperCalc is useful for payment and cash-to-close scenario modeling, but APR itself should be taken from lender disclosures rather than calculator output.

Official resources (U.S.)

• CFPB – Owning a Home
• HUD – Buying a home

Related guides and templates

• Mortgage offer comparison template (APR, PITI, cash-to-close)
• Closing costs checklist for first-time buyers
• Offer-to-closing timeline (U.S.)
• First-time buyer document checklist (U.S.)
• ARM vs fixed for first-time buyers (U.S.)
• PMI removal rules for first-time buyers (U.S.)
• First-time home buyer mistakes to avoid (U.S.)

Model scenarios in the calculator

This guide is educational and not legal or financial advice.