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.
Related Content
Social Security: The Elephant in the Room
Some people wonder if Social Security will remain financially sound enough to pay the benefits they are owed.
The Rule of 72
Do you know how long it may take for your investments to double in value? The Rule of 72 is a quick way to figure it out.
Understanding Marginal Income Tax Brackets
An inside look at how marginal income tax brackets work.