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
The Five Basics of Financial Literacy
How literate are you when it comes to your finances? Brush up with these five basics.
Problems with Probate
Probate can be a completely public process, or it can be managed to include as little information as possible.
The Other Sure Thing
A new LIMRA study shows that 40% of Americans believe the death of a primary wage earner would cause financial challenges.