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
Budgeting After a Divorce
Divorce is the second most stressful time in a person's life. Here's some tips to get through it.
Roadmap to Retirement: Tax & Investment Strategies
The journey into retirement requires a strategy. Check out these tax and investment strategies to help you grow your wealth.
Creative Ways to Motivate Your Employees
Five creative (and inexpensive) ideas for motivating your employees.