Comparing an 8.32% 10-year fixed mortgage quote in New York

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The fee breakdown has raised a new question. For a New York purchase near $925,000, one lender is offering 8.32% fixed for 10 years, but its headline rate looked more attractive before I applied the fees and the loan-to-value band.

The monthly figures across the quotes are close. I am therefore considering whether flexibility on early repayment and portability should carry more weight than the small payment difference. Would you set one comparison horizon and add every payment and fee within it, then test early repayment separately? I do not want a loan to appear cheaper only because the calculation assumes a favourable refinance after year 10.
 
Your focus on flexibility makes sense, but I would hesitate to choose a loan mainly around the date you expect to leave it. Plans change, and a cheap early exit is less helpful if you end up keeping the mortgage for the full 10-year fixed period.

I would run the quotes through year 10 first, including initial charges and scheduled payments, then add separate scenarios for an early sale, repayment or refinance. APR can remain a check rather than the deciding number. That approach shows exactly when the more flexible terms become worth paying for.
 
The missing detail is what happens after year 10. Is the whole loan repaid over 10 years, or does the fixed rate end then and reset under another formula? Also, what loan amount and down payment produced that loan-to-value tier? Without those figures, the advertised rate and APR may both obscure the comparison you actually need.
 
I disagree slightly with building the main calculation around the expected holding period. People often refinance or move later than planned. I would first compare both loans on a no-refinance basis through the 10-year fixed period, then run separate early-exit scenarios. That makes the cost of your assumptions visible instead of quietly rewarding the loan that only looks good if you leave on schedule.
 
Yara’s question about the year-10 terms is especially important because rate-reset risk could outweigh today’s small payment difference. Ask each lender for the same dollar breakdown, then make a simple table for exits after a few plausible periods: fees paid, interest paid, remaining balance and any early-repayment charge. Keep portability as a separate line unless the lender clearly explains when and how it applies.
 
Also compare monthly affordability under a less comfortable scenario, not only the quoted payment. A cheaper loan today may be the riskier choice if its post-fixed-period terms are unclear. I’d narrow the field using total cost, then choose between the finalists based on early-repayment flexibility, year-10 exposure and whether portability is genuinely usable for your likely next purchase.
 
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