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
Catch-Up Contributions
Workers 50+ may make contributions to their qualified retirement plans above the limits imposed on younger workers.
When Life Insurance Becomes Taxable
Life insurance proceeds are generally tax-free. But not in all cases.
Is a SEP-IRA Right for Your Business?
For some, the idea of establishing a retirement strategy evokes worries about complicated reporting and administration.