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
Trends in Charitable Giving
Some people may want a more advanced gifting strategy that can maximize their gift and generate potential tax benefits.
Early Lessons for Raising Financially Confident Kids
Simple, everyday strategies to help kids develop healthy money habits and financial confidence over time.
Retirement and Quality of Life
Asking the right questions about how you can save money for retirement without sacrificing your quality of life.