Comparing Mortgage Terms
For most, a home is the most significant purchase they will ever make. Use this calculator to see the difference between a shorter- and longer-term mortgage when strategizing for the future.
Loan Parameters
Loan Comparison Results
First Loan
Second Loan
Visual Comparison
Keep in mind that mortgage lenders have rules that they follow, such as the popular 28/36 guideline. It suggests that no more than 28 percent of a person's gross monthly income should be spent on housing costs (which includes your mortgage, taxes, and insurance) and no more than 36 percent on all debt. So before you get too deep into mapping out mortgage scenarios, it might be best to speak with a professional who can guide you through the numbers.
Have A Question About This Topic?
Related Content
Do Our Biases Affect Our Financial Choices?
Even the most seasoned investors have biases affecting their financial choices.
Keeping Up with the Joneses
Lifestyle inflation can be the enemy of wealth building. What could happen if you invested instead of buying more stuff?
Understanding the Basics of Medigap Policies
Important as it is, Medicare does not cover the full range of health-care expenses you may experience in your golden years.