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
Understanding Money Market Funds
Check out this brief article which explores the role Money Market Funds may play in your portfolio.
Putting a Price Tag On Your Health
Being healthy not only makes you feel good, it may also help you financially.
Why Do Renters Have to Save More?
How much more would retirement cost if you owned your home rather than rented? It could actually be several times less.