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
Medicare At 65+
65 or older? It may be time to enroll in Medicare. Read to learn if you’re eligible.
Protecting Your Home Against Flood Loss
Protect yourself against the damage that your homeowners policy doesn’t cover.
Student Loan Payoff Calculator: Extra Payments Can Save You
See how extra payments toward your student loans could shorten your payoff timeline.