Suppose you’re buying a $350,000 home in Richmond with 5% down, so the loan is $332,500. At a 6.00% rate on a 30-year term, principal and interest come to about $1,994 a month. At 6.25% it’s about $2,047. That 0.25-point gap costs roughly $54 a month, or about $19,000 over the full term, and a few thousand dollars in extra lender fees can erase or double the difference. (Both rates are illustrations, not current quotes.) Most buyers can’t see any of this because each lender’s quote arrives in a different format.
A mortgage comparison worksheet template fixes that. It puts FHA, VA, and Conventional quotes on the same footing, so you compare cost and not formatting. These seven strategies build one you can reuse on every purchase. Duane Buziak, NMLS #1110647, uses this structure when buyers bring in competing quotes.
In this guide
- Start With a Loan Program Block, Not a Lender Name
- Lock the Same Inputs Across Every Quote
- Separate Rate From APR and Add a Cost-to-Hold Line
- Pull the Fees Straight From the Loan Estimate
- Build the Monthly Payment Stack, Not Just Principal and Interest
- Add the Cash-to-Close and No-Out-of-Pocket Closing Options Section
- Score the Non-Dollar Factors and Run a Side-by-Side Table
1. Start With a Loan Program Block, Not a Lender Name
The loan program decides a large share of what you pay. FHA charges an upfront mortgage insurance premium and an annual one. VA charges a one-time funding fee that some veterans are exempt from. Conventional loans charge private mortgage insurance (PMI) that moves with your credit score and down payment. If the worksheet is organized by lender, those costs get buried. If it’s organized by program, they’re captured before anyone’s rate enters the picture.
Consider a Richmond buyer with a 680 credit score and 3.5% down who sets up FHA and Conventional columns. Before looking at a single rate, they can see that FHA adds a 1.75% upfront premium and a monthly premium, while Conventional has no upfront insurance charge but a PMI cost that is sensitive to a 680 score. The decision is already framed.
To build the block:
- Create one column each for FHA, VA (if you’re eligible), and Conventional.
- Add rows for mortgage insurance type, upfront fee, minimum down payment, and loan limit.
- Fill in the loan limit after checking FHFA.gov; the 2026 baseline conforming limit is $832,750. Check HUD.gov for FHA limits and VA.gov for funding fee rules and exemptions.
- Leave lender quotes for the rows below, each mapped to exactly one program column.
The common mistake is making lenders the columns. That layout implies the lender is the main variable, when the same lender can hand you three very different loans depending on the program. Mortgage insurance is also easy to leave blank when a quote is built around the rate.
Measure it this way: every quote you hold maps to a single program column, and no insurance or fee field is empty. If one is, ask for it before moving on.
2. Lock the Same Inputs Across Every Quote
A quote is only comparable if the inputs match. Price, down payment, credit band, term, loan program, and lock period all change the number you get back. When two quotes differ, you want the difference to come from the lender’s pricing, not from one lender quietly assuming a better credit score.
For example, imagine two quotes on a $350,000 purchase with 5% down. One is 0.375 percentage points lower than the other, which on a $332,500 loan is roughly $80 a month. It looks like a win until you see that the lower quote assumed a 740 score and the other assumed 680. Nothing about the lender was cheaper; the assumption was.
Put an assumptions block at the top of the sheet and fill it in once:
- Purchase price and down payment amount.
- Credit score band you’re quoting at.
- Loan term (30-year, 15-year) and fixed or adjustable.
- Rate lock period, in days.
- Occupancy (primary residence) and property type.
- The date each quote was pulled.
Send that block to every lender in writing and ask for quotes on the same day, since rates can move between morning and afternoon. If you want a firm credit band without multiple hard inquiries while you gather quotes, Duane Buziak can run a NoTouch Credit Pull so you see where you stand before anything lands on your report.
The classic error is comparing a quote from last Tuesday with one from this morning, or a 30-day lock against a 60-day lock. A longer lock usually carries a cost, so those quotes aren’t measuring the same thing. If you need to cite a market benchmark, use the dated weekly figure from Freddie Mac’s Primary Mortgage Market Survey rather than a rate you remember.
What to measure: every quote on the sheet shows the same assumptions and the same date. Any quote that doesn’t gets re-requested, not adjusted by guesswork.
3. Separate Rate From APR and Add a Cost-to-Hold Line
The interest rate sets your monthly principal and interest. The annual percentage rate (APR) folds in certain lender charges and spreads them over the full loan term, which helps when comparing similar loans, but it assumes you keep the loan to the end. Most buyers don’t. The CFPB explains the difference between rate and APR in plain terms. Because APR looks at 30 years, it can favor a quote that is worse for the five or seven years you’ll actually hold the loan.
Points make this concrete. Suppose a discount point (1% of the loan, or $3,325 on a $332,500 loan) lowers your payment by about $60 a month. Break-even is $3,325 divided by $60, which is about 55 months, or roughly 4.6 years. If you expect to sell or refinance in three years, the point loses money. If you’ll stay ten, it wins comfortably. (The $60 is an illustration; use the actual figures from each quote.)
Add these lines to the worksheet:
- Rate and APR in separate rows.
- Total cost at 5 years: total payments made, plus upfront costs, minus estimated principal paid by month 60.
- Total cost at 7 years: the same formula at month 84.
- Break-even months: points or extra upfront cost divided by monthly savings.
Ask the lender for the remaining balance at year 5 and year 7 (an amortization schedule gives it), then subtract from the original loan to get principal paid.
The mistake to avoid is choosing on APR alone, or never asking how long you’ll keep the loan. Veterans facing a possible PCS move and first-time buyers planning to trade up should be honest with themselves here.
Measure it: each pricing option shows a break-even in months, and you’ve written your expected time in the home next to it.
4. Pull the Fees Straight From the Loan Estimate
Lenders describe fees in their own words. The Loan Estimate does not. It’s a standardized three-page form, and every lender must issue one within three business days of your application. That makes it the best anchor for a worksheet: your rows copy its structure so fees land in the same place for every quote. The CFPB’s Loan Estimate explainer walks through each section.
Here’s why totals alone mislead. Imagine two Loan Estimates with nearly identical total closing costs. One has higher Section A origination charges, but a lender credit offsets them because it’s tied to a higher interest rate. The other has lower origination charges and a lower rate. The totals match; the loans don’t.
Build these rows, one per fee category:
- Section A: origination charges (including any points).
- Section B: services you cannot shop for.
- Section C: services you can shop for. Mark each one you plan to shop, such as title and settlement.
- Section E: taxes and other government fees.
- Section F: prepaids.
- Section G: initial escrow payment at closing.
- Lender credits, shown on the totals line.
Add a final row that sums your entries and a second row with the Loan Estimate’s own total. If they don’t match, you’ve mistyped something or a fee is hiding in a section you skipped.
The common mistake is comparing only the bottom-line closing costs figure. It combines items you control with items you don’t, and it hides credit-for-rate trades.
What to measure: every category is filled in for every quote, and your totals reconcile to the Loan Estimate to the dollar.
5. Build the Monthly Payment Stack, Not Just Principal and Interest
A quote headline usually shows principal and interest only. What leaves your account each month also includes mortgage insurance, homeowners insurance, and property taxes. Mortgage insurance is the line that flips comparisons: FHA’s annual premium (MIP) and conventional PMI are calculated differently and don’t scale the same way with credit score and down payment. A lower-rate FHA quote and a slightly higher-rate Conventional quote can swap places once each program’s insurance is added.
Use the same tax and insurance estimates in every column. Verify the current City of Richmond real estate tax rate with the city before you finalize, since rates can change by budget year, and get a homeowners insurance estimate from an actual agent.
Worked example: $350,000 purchase, three programs
These figures are illustrations. The $350,000 price is a round number in the range of city-level home values you can check on Zillow’s Richmond page or through Virginia REALTORS market reports (check the current figure as of today). To isolate the program effect, all three use the same illustrative 6.00% rate, 30-year fixed. Check the dated rate on Freddie Mac’s PMMS for the market.
- FHA, 3.5% down ($12,250): base loan $337,750. Upfront premium of 1.75% is $5,911, financed to a $343,661 loan. P&I is $2,060. Annual MIP at an assumed 0.55% adds about $155 a month. Subtotal: $2,215.
- VA, 0% down: loan $350,000. A first-use funding fee of 2.15% is $7,525, financed to $357,525. P&I is $2,144. No monthly mortgage insurance. Subtotal: $2,144. A veteran exempt from the fee would carry a $350,000 loan and a $2,098 payment.
- Conventional, 5% down ($17,500): loan $332,500. P&I is $1,994. PMI at an assumed 0.60% adds about $166 a month. Subtotal: $2,160.
Now add the same assumed taxes ($350 a month, at an illustrative 1.20% of price) and homeowners insurance ($120 a month): $470 for every column. Totals: FHA $2,685, VA $2,614, Conventional $2,630. VA is $71 a month below FHA and $16 below Conventional; Conventional is $55 below FHA. Over five years, the VA-versus-FHA gap alone is about $4,300. The FHA and VA premium rates should be confirmed on HUD.gov and VA.gov, and PMI quoted by a lender.
The mistake to avoid is letting each lender plug in its own tax and insurance guess. What to measure: total monthly payment is built from identical tax and insurance inputs in every column.
6. Add the Cash-to-Close and No-Out-of-Pocket Closing Options Section
The monthly payment is half of affordability. The other half is the check you bring to the closing table. Cash to close is your down payment plus closing costs, prepaids, and escrow deposits, minus credits. Lender credits and seller credits both reduce it, but they work differently and neither is free.
A buyer might compare a quote carrying a lender credit at a higher rate against a no-credit quote at a lower rate. The credit reduces cash to close by a few thousand dollars, which feels like a win until the worksheet shows the payment rising every month for the life of the loan. For a buyer short on cash, that may be exactly the right trade. For one with savings, it may not be. The sheet makes the choice visible, and it’s how no-out-of-pocket closing options should be evaluated: by what they cost over time, not by how the closing statement looks.
Rows to add:
- Down payment.
- Total closing costs (from the Loan Estimate).
- Prepaids and initial escrow deposits.
- Seller credits.
- Lender credits.
- Cash to close, calculated.
- A “rate trade-off” note beside every credit, such as “credit of $3,000 requires rate +0.375.”
Seller concessions are also capped by program. As of this writing, FHA generally allows up to 6% of the price, VA limits seller-paid concessions to 4% (excluding certain customary costs), and conventional limits depend on down payment, starting at 3% for loans under 10% down. Confirm the limits with your loan officer, since guidelines update.
The common mistake is treating any credit as free money. What to measure: your calculated cash to close matches the Loan Estimate’s figure, and every credit has its trade-off noted.
7. Score the Non-Dollar Factors and Run a Side-by-Side Table
Two quotes can tie on cost and still be unequal. Lock terms, responsiveness, and time to close all carry real risk, especially on a contract with a firm closing date. Imagine two quotes that are even on total cost, but one offers a 30-day lock with an extension fee and a longer estimated timeline. On a tight contract, the extension fee or a missed date can cost more than the savings you were chasing.
Add scored rows for these factors, each from 1 to 5:
- Lock period length and extension terms.
- Communication: how fast and how clearly questions get answered.
- Estimated time to close against your contract date.
- Program fit for your situation, including VA eligibility and benefits.
Then finalize one side-by-side table. Here is the structure, using the illustrative figures from strategy 5:
| Line item | FHA Loan | VA Loan | Conventional Loan |
|---|---|---|---|
| Down payment | $12,250 (3.5%) | $0 | $17,500 (5%) |
| Upfront insurance or fee | 1.75% UFMIP ($5,911, financed) | 2.15% funding fee ($7,525, financed; exemptions apply) | None |
| Ongoing mortgage insurance | MIP, about $155 a month | None | PMI, about $166 a month |
| Loan amount | $343,661 | $357,525 | $332,500 |
| Principal and interest (6.00%) | $2,060 | $2,144 | $1,994 |
| Taxes and insurance (same inputs) | $470 | $470 | $470 |
| Total monthly payment | $2,685 | $2,614 | $2,630 |
Total the dollar results and the non-dollar scores, then send the finished worksheet to Duane Buziak for review. The Dare to Compare invitation means he’ll go line by line through quotes you already hold, including ones from other lenders, and with hundreds of wholesale lenders available he can price the same inputs against what you’ve collected.
The mistake is letting the lowest advertised rate override a closing timeline that doesn’t fit your contract. What to measure: one decision summary showing lowest total cost, lowest monthly payment, and lowest cash to close, with scores for everything else.
Where to Start: Inputs First, Loan Estimates Second
If you only have an hour, do two things. Write your assumptions block and send it to every lender, then pull each fee from the Loan Estimates into the worksheet rows. Those steps alone remove the most common source of bad comparisons: mismatched inputs and totals that hide how the fees are built. Add the program block, cost-to-hold math, payment stack, cash-to-close section, and scoring after that, in whatever order your timeline allows.
Whether you’re a veteran ready to use your hard-earned benefits or a homebuyer exploring your financing options, your path to homeownership starts with expert guidance you can trust. Connect with Duane today for a personalized consultation and discover the mortgage solution tailored to your unique goals in the Stafford County and Richmond area. Richmond Home Loans by Duane Buziak will walk through your worksheet with you.