Comparing a 3.11% three-year fixed mortgage on a $945,000 New York purchase

[FastRadar]

The lowest headline offer stopped looking cheapest once I compared the fee schedule and loan-to-value band. My current quote is 3.11% fixed for three years on a New York purchase of roughly $945,000.

For that time horizon, should I rank lenders by total cash paid through month 36 and the balance still outstanding, while using APR mainly to flag heavy fees? I also need to test what happens if I refinance after three years, sell earlier or move the mortgage. For example, an early-repayment charge could outweigh a small monthly saving. Monthly affordability matters, but I do not want portability wording or optimistic refinance assumptions to hide the less reversible costs.

 

[ada.hope]

For a three-year decision, I’d compare total payments and upfront fees through month 36, then subtract the remaining loan balance to see the actual financing cost. APR can be misleading if it assumes you keep the mortgage beyond the fixed period. Run separate outcomes for selling, refinancing and letting the rate reset. Also ask each lender for the same loan amount and loan-to-value tier so the quotes are genuinely comparable.

 

[zane_homes]

I wouldn’t dismiss APR entirely; it can expose an expensive fee structure. But the missing fact is what happens after year three. What rate or formula applies then, and how large a payment increase could you absorb? Portability also needs careful reading: even if offered, moving may still require approval and a new property assessment. I’d price the early-repayment charge into any sale or refinance scenario rather than treating portability as guaranteed.