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
Women on the Rise
Explore the growing influence women wield over the economy with this handy infographic.
Acres of Diamonds
In life it often happens that the answers to our most pressing questions are right in our own backyards.
Budget Check Up: Tax Time Is the Right Time
Tax preparation may be the perfect time to give the household budget a check-up.