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
It May Be Time for a Financial Checkup
It’s never a bad time to speak with your financial professional about changes in your situation.
A Meal for All Generations
When it comes to generational differences, knowing the facts can be difficult.
Year-End Charitable Gifting and You
This article may help you maximize the benefits of your donation for your chosen charity.