Comparing an 8.30% 30-year fixed quote on a $660,000 New York purchase

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I can choose the apparently cheaper rate and accept more upfront charges, or take the 8.30% fixed quote for 30 years and pay more each month for predictability. Neither comparison feels reliable yet because the New York purchase is around $660,000 and the final pricing depends on the actual loan amount, fees and loan-to-value band.

Should I compare offers by APR and then calculate total cash paid over the period I am realistically likely to keep the mortgage? I also want to test whether the monthly payment works without relying on a later refinance. For each quote, I plan to ask what happens if I make a large principal payment, sell early or try to transfer the mortgage to another property.
 
I would compare all three, but over your realistic ownership period rather than automatically using 30 years. Put each offer into five-, seven- and ten-year scenarios: upfront fees, monthly principal and interest, remaining balance, and any cost triggered by repayment. APR is helpful for comparing similarly structured offers, but it should not replace the cash-cost calculation.
 
Is $660,000 the purchase price or the amount being borrowed? That distinction matters because the down payment determines the loan-to-value tier. I’d also ask each lender to separate any charge used to obtain the quoted rate from the other fees, and clarify whether each amount is paid upfront or added to the loan.
 
APR is useful, but the assumed holding period can distort the choice. My specific concern would be selecting a fee-heavy loan because it looks better over 30 years, then selling or refinancing before those charges have paid for themselves.

I would first confirm that the payment is manageable at 8.30% without any future rate change rescuing the budget. Then compare each offer over the same five-, seven- and ten-year periods, including the remaining balance and any early-payment cost.
 
For portability and early repayment, ask the lender to explain what happens in concrete scenarios: selling the New York property after a few years, making a large principal payment, refinancing with another lender, or buying a different property. Also confirm that “fixed for 30 years” means the rate itself has no reset during that term. A simple spreadsheet with identical assumptions for every quote should expose whether the lower advertised rate actually saves money.
 
The $660,000 figure is the purchase price, so I’ll make sure the comparisons use the actual loan amount and the resulting loan-to-value tier rather than the headline purchase figure. I’m going to run the five-, seven- and ten-year costs, request an itemized explanation of the fees, and get written answers for the sale, extra-payment and portability scenarios. I also won’t make affordability depend on being able to refinance later.
 
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