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
The Value of Insuring Against Life’s Risks
Building wealth requires protection from the forces of wealth destruction.
Dog Bites and Homeowners Insurance
Reviewing coverage options is just one thing responsible pet parents can do to help look out for their dogs.
Do You Owe The AMT?
If you want to avoid potential surprises at tax time, it may make sense to know where you stand when it comes to the AMT.