Let's start with the answer and work our way back. If your rate is 1/4 of a percent higher, you lose About $5,000 for every $100,000 borrowed on a 30-year loan. So, if you have a $500,000 mortgage, that's about $25,000 you left on the table.

Higher interest rates obviously means borrowing is more expensive, but it is the compounding interest rate, P (1 + r/n)^(nt), that really effects a change as small as a 1/4 percent.

Fortunately, you don't have to break out your Texas Instrument financial calculator from 2002.

Try our loan calculator below, and test out different interest rates.

If you like what you see, start your loan application, and we will make it a reality.