{"query":"compare mortgage quotes","market":null,"results":[{"type":"guide","id":"buying-in-a-new-city","title":"One mortgage. A very local cost of ownership.","answer":"City, county, school, special district and assessment rules can differ. Locate the parcel’s official assessor and tax-collector records. A seller’s current tax bill may not be the buyer’s future bill.","sections":[["Verify the property’s tax jurisdiction","City, county, school, special district and assessment rules can differ. Locate the parcel’s official assessor and tax-collector records. A seller’s current tax bill may not be the buyer’s future bill."],["Quote insurance before committing","Obtain coverage and deductible details for the actual home. Ask about flood, wind, wildfire and other relevant risks. A broad state average cannot tell you whether coverage is available for a particular property."],["Read association documents","Review regular dues, reserves, special assessments, transfer fees, master insurance and restrictions. For a condo, ask the lender about project eligibility before treating a personal prequalification as sufficient."],["Rebuild your full monthly budget","Add utilities, transport, maintenance and recurring local costs alongside the mortgage. The city portals share the same calculation method so you can compare scenarios without silently changing the assumptions."]],"url":"https://aspenmortgagerates.com/guides/buying-in-a-new-city","sources":["https://www.consumerfinance.gov/owning-a-home/"],"score":5},{"type":"calculator","id":"recast","title":"Mortgage recast scenario","answer":"Compare payment reduction when a lump sum is followed by re-amortization at the same rate. Re-amortize the reduced balance at the same rate over the remaining term.","limitations":"Recasting is subject to lender/product rules; making an extra payment alone does not establish a recast or lower the required payment.","interpretation":["A recast is a lender/product action, not an automatic consequence of sending extra money.","The modeled reduction uses the same interest rate and remaining months.","The lump sum and recast fee both use cash; preserve the reserve you need."],"question":"How is a recast different from refinancing?","answerToQuestion":"This recast scenario keeps the existing rate and remaining term while re-amortizing a smaller balance. A refinance generally replaces the loan with new terms and costs.","inputSchema":{"type":"object","properties":{"balance":{"type":"number","minimum":0,"maximum":1000000000,"description":"Current balance","default":360000},"rate":{"type":"number","minimum":0,"maximum":40,"description":"Annual nominal percentage, not APR or a lender quote.","default":6.5},"remainingMonths":{"type":"integer","minimum":1,"maximum":600,"description":"Remaining months","default":300},"lumpSum":{"type":"number","minimum":0,"maximum":1000000000,"description":"Principal lump sum","default":50000},"fee":{"type":"number","minimum":0,"maximum":1000000000,"description":"Recast fee","default":300}},"required":["balance","rate","remainingMonths","lumpSum","fee"],"additionalProperties":false},"url":"https://aspenmortgagerates.com/calculators/recast","sources":["https://www.consumerfinance.gov/owning-a-home/loan-estimate/"],"score":5},{"type":"calculator","id":"mortgage-penalty-us","title":"U.S. mortgage prepayment penalty","answer":"Model a contract-supplied percentage or months-of-interest charge and the simple cost to refinance. Chargeable principal = prepayment less a confirmed applicable allowance, floored at zero. Before the entered contract window ends, apply the selected percentage or simple interest-month method. Add administration charges. Simple break-even includes new-loan costs.","limitations":"Contract arithmetic, not a finding that a penalty is lawful or applies. No statutory limits are inferred. A full payoff may not permit annual privileges. Excludes accrued regular interest, escrow credits, yield maintenance and defeasance. Payment savings can reflect a longer term; simple break-even is not an economic recommendation.","interpretation":["Choose the actual charge method and its applicable window. No universal penalty is assumed.","An allowance must be confirmed usable for this specific payoff.","Break-even compares fees with payment savings, which can hide a longer repayment term."],"question":"Does this determine whether a penalty is legal?","answerToQuestion":"No. This is contract-based arithmetic. Ask the lender to identify the clause and provide a dated payoff statement; seek qualified advice for applicability.","inputSchema":{"type":"object","properties":{"method":{"type":"integer","minimum":0,"maximum":2,"description":"Contract charge method","default":1},"balance":{"type":"number","minimum":1,"maximum":1000000000,"description":"Outstanding balance","default":400000},"prepayment":{"type":"number","minimum":0,"maximum":1000000000,"description":"Principal to repay","default":400000},"allowedPrepayment":{"type":"number","minimum":0,"maximum":1000000000,"description":"Confirmed allowance usable for this transaction","default":0},"rate":{"type":"number","minimum":0,"maximum":40,"description":"Contract annual interest rate %","default":6},"penaltyPercent":{"type":"number","minimum":0,"maximum":20,"description":"Applicable contractual penalty %","default":2},"interestMonths":{"type":"number","minimum":0,"maximum":60,"description":"Contractual months of interest","default":3},"monthsSinceClosing":{"type":"integer","minimum":0,"maximum":600,"description":"Completed months since closing","default":18},"penaltyWindowMonths":{"type":"integer","minimum":0,"maximum":600,"description":"Contract penalty window / months","default":36},"adminFees":{"type":"number","minimum":0,"maximum":1000000000,"description":"Discharge / administration charges","default":300},"newLoanCosts":{"type":"number","minimum":0,"maximum":1000000000,"description":"Separate new-loan closing costs","default":4000},"monthlySavings":{"type":"number","minimum":0,"maximum":1000000000,"description":"Estimated monthly payment savings","default":250}},"required":["method","balance","prepayment","allowedPrepayment","rate","penaltyPercent","interestMonths","monthsSinceClosing","penaltyWindowMonths","adminFees","newLoanCosts","monthlySavings"],"additionalProperties":false},"url":"https://aspenmortgagerates.com/calculators/mortgage-penalty-us","sources":["https://www.consumerfinance.gov/ask-cfpb/what-is-a-prepayment-penalty-en-1957/"],"score":5},{"type":"calculator","id":"mortgage-penalty-ca","title":"Canada mortgage break penalty","answer":"Compare a three-month simple-interest charge with an explicitly approximate interest rate differential. Three-month interest = chargeable principal × contract annual rate ÷ 4. Simple IRD = chargeable principal × positive difference between entered IRD rates × remaining months ÷ 12. The selected closed-fixed scenario takes the greater; open or zero remaining term takes zero.","limitations":"CAD inputs and outputs. Lender posted/discounted rates, compounding, present-value and privilege rules differ; this simple IRD is not a payout quote. Obtain both IRD rates from the lender. No automatic statutory exception is determined. Administration and new-loan costs are separate; accrued interest is excluded.","interpretation":["The mortgage term differs from its amortization. Enter months to renewal, not months to final repayment.","IRD comparison rates and discounts must come from the lender.","A payout quote can use present-value or compounding conventions beyond this approximation."],"question":"Is this the bank’s exact IRD quote?","answerToQuestion":"No. Lenders use different rate and discount methods. This simple model makes the assumptions visible so you can ask better questions about an actual payout quote.","inputSchema":{"type":"object","properties":{"method":{"type":"integer","minimum":0,"maximum":2,"description":"Contract structure","default":2},"balance":{"type":"number","minimum":1,"maximum":1000000000,"description":"Outstanding balance","default":400000},"prepayment":{"type":"number","minimum":0,"maximum":1000000000,"description":"Principal to repay","default":400000},"allowedPrepayment":{"type":"number","minimum":0,"maximum":1000000000,"description":"Confirmed allowance usable for this transaction","default":0},"rate":{"type":"number","minimum":0,"maximum":40,"description":"Contract annual interest rate %","default":6},"irdContractRate":{"type":"number","minimum":0,"maximum":40,"description":"Lender-specified first rate for IRD %","default":6},"comparisonRate":{"type":"number","minimum":0,"maximum":40,"description":"Lender-specified adjusted comparison rate %","default":4},"monthsRemaining":{"type":"integer","minimum":0,"maximum":600,"description":"Months remaining in the mortgage term","default":36},"adminFees":{"type":"number","minimum":0,"maximum":1000000000,"description":"Discharge / administration charges","default":300},"newLoanCosts":{"type":"number","minimum":0,"maximum":1000000000,"description":"Separate new-loan closing costs","default":4000},"monthlySavings":{"type":"number","minimum":0,"maximum":1000000000,"description":"Estimated monthly payment savings","default":250}},"required":["method","balance","prepayment","allowedPrepayment","rate","irdContractRate","comparisonRate","monthsRemaining","adminFees","newLoanCosts","monthlySavings"],"additionalProperties":false},"url":"https://aspenmortgagerates.com/calculators/mortgage-penalty-ca","sources":["https://www.canada.ca/en/financial-consumer-agency/services/mortgages/reduce-prepayment-penalties.html"],"score":5},{"type":"guide","id":"compare-loan-estimates","title":"Compare the loan, not just the rate","answer":"Compare offers for the same loan amount, product, term and rate-lock period. A 15-year fixed loan and a 30-year fixed loan solve different cash-flow problems. Record whether each estimate is locked and when it expires.","sections":[["Use matching assumptions","Compare offers for the same loan amount, product, term and rate-lock period. A 15-year fixed loan and a 30-year fixed loan solve different cash-flow problems. Record whether each estimate is locked and when it expires."],["Separate points from other costs","Discount points are an upfront charge associated with the interest rate. Enter points as a percentage of the loan amount and other lender costs as dollars. Third-party and government charges deserve their own review; the tool does not compute a regulatory APR."],["Find the simple break-even","Divide the extra upfront cost of the lower-payment option by its monthly principal-and-interest savings. This is a simple cash-flow comparison. It excludes time value, tax treatment, refinancing, sale costs and differences in the remaining balance."],["Read the full Loan Estimate","Review origination charges, lender credits, prepayment penalties, balloon payments, cash to close and the comparisons section. Verify every figure with the lender before acting."]],"url":"https://aspenmortgagerates.com/guides/compare-loan-estimates","sources":["https://www.consumerfinance.gov/owning-a-home/loan-estimate/"],"score":4}],"interpretation":"Source-linked educational material and calculation methods. No live lender offer, approval, licensed introduction or generated local rate is implied."}