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
Retirement Income and the Traditional Portfolio
Experiencing negative returns early in retirement can potentially undermine the sustainability of your assets.
College Savings
See how much you may need to save now to cover future college costs for your child.
What's So Great About a Rollover?
Making a career move requires tough decisions, not the least of which is what to do with the funds in your retirement plan.