Comparing Mortgage Terms
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
Preparing for the Expected
You can plan ahead to protect yourself and your family against the financial consequences of deteriorating health.
Six Surprising Facts About Retirement Confidence
This attention-grabbing infographic covers retirement topics you may not have considered.
Inventorying Your Possessions
Creating an inventory of your possessions can save you time, money and aggravation in the event you someday suffer losses.