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
Women and Financial Strategies
Most women don’t shy away from the day-to-day financial decisions, but some may be leaving their future to chance.
A Look at Whole Life Insurance
Whole life insurance remains in force as long as you remain current with premiums. Here's how it works.
How Much Do I Need To Retire?
How much is enough to retire? It depends on your lifestyle, timeline, and more. Use this calculator to get a personalized est