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
Global and International Funds
Investors seeking world investments can choose between global and international funds. What's the difference?
How Income Taxes Work
A quick look at how federal income taxes work.
Social Security: The Elephant in the Room
Some people wonder if Social Security will remain financially sound enough to pay the benefits they are owed.