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
Retiring Earlier Than Expected? What To Know
Retiring earlier than expected can be disheartening. Learn steps that can help you smoothe the road ahead.
Are You Ready for Your Portfolio to Make a Difference?
Learn about the rise of Impact Investing and how it may benefit you.
Three Key Questions to Answer Before Taking Social Security
When to start? Should I continue to work? How can I maximize my benefit?