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.
Related Content
Is a Variable Annuity Right for Me?
Pundits go on and on about how “terrible” or “wonderful” annuities are, but they never talk about if annuities are right.
What You Need to Know About Social Security
Every so often, you'll hear about Social Security benefits running out. But is there truth to the fears, or is it all hype?
Understanding Homeowners Insurance
Purchasing homeowners insurance is critical for protecting your home.