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
Five Most Overlooked Tax Deductions
Five overlooked tax deductions to help manage your tax bill.
A Look at Diversification
Diversification is an investment principle designed to manage risk, but it can't prevent against a loss.
A Primer on Irrevocable Life Insurance Trusts
Irrevocable life insurance trusts can be important tools that may accomplish a number of estate objectives.