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
How to Make the Tax Code Work for You
When you take the time to learn more about how it works, you may be able to put the tax code to work for you.
Are You Ready for Your Portfolio to Make a Difference?
Learn about the rise of Impact Investing and how it may benefit you.
What Will You Do With Your Bonus or Windfall?
This article examines one's options when receiving a work bonus or other financial windfalls.