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
Red Flags for Tax Auditors
Here are six flags that may make your tax return prime for an IRS audit.
Steps to Protecting a Child with Disabilities
Planning for children with special needs can be confusing but by working together, we can help navigate those challenges.
How Can I Save a Million Dollars?
See what it takes in monthly contributions and time to reach a million-dollar savings goal.