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
Gun Ownership and Your Homeowners Policy
Gun owners need to make sure that their homeowners policy covers the full value of their firearm(s) as personal liability.
Social Media: #NewestBusinessLiabilityRisk
Social media may be a modern imperative for businesses looking to grow and build their brand, but it also introduces risk.
Value vs. Growth Investing
Among stock-market investors there’s long been a debate between those who favor value and those who favor growth.