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
Insuring Your Business Against Cyber Liability
90% of small businesses in the U.S. don't protect their data from cyber attacks. Is your business at risk?
Raising Healthy Children
Healthy habits are one of the greatest gifts to give your child.
Financially Savvy at Six Figures
Help your clients with these practical steps to make the most of their six-figure income.