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
Rent vs Buy Calculator
Compare the long-term financial outcomes of renting versus buying a home.
Encore Careers: Push Your Boundaries
Ready for retirement? Find out why many are considering encore careers and push your boundaries into something more, here.
Setting Your Family’s Financial Values
Set your family's financial values; cast a vision for the future. Talk to your parents and kids. Discuss all options.