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
Leaving Your Lasting Legacy
Want to do more with your wealth? You might want to consider creating a charitable foundation.
TIPS for Inflation
If you are concerned about inflation and expect short-term interest rates may increase, TIPS could be worth considering.
When Special Care Is Needed: The Special Needs Trust
A special needs trust helps care for a special needs child when you’re gone.