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
Breaking Down the Parts of Medicare
Medicare is broken down into four specific parts—but what do they mean? This article will help you understand each piece.
Roth IRA for Kids
Learn about the benefits and requirements of opening a Roth IRA for kids.
Putting a Price Tag On Your Health
Being healthy not only makes you feel good, it may also help you financially.