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
A Decision Not Made Is Still a Decision
Investors who put off important investment decisions may face potential consequences to their future financial security.
The Business Cycle
How will you weather the ups and downs of the business cycle?
Bi-Weekly Payments
This calculator estimates the savings from paying a mortgage bi-weekly instead of monthly.