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
How to Talk with Family About Retirement and Financial Plans
Learn how to talk with family about retirement and finances in ways that build clarity, alignment, and understanding.
Separating the Signal From the Noise
A good professional provides important guidance and insight through the years.
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.