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
The History of Currency
Currency has been around for a long time. Here's a quick history lesson.
Four Reasons Millennials Need an Estate Strategy
Estate strategies for millennials may sound like less of a concern than retirement, but young adults should prepare now.
Mutual Funds vs. ETFs
Exchange-traded funds have some things in common with mutual funds, but there are differences, too.