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 Power of Interest - How Long Will it take My Money to Do
Use the Rule of 72 to estimate how long it takes your money to double at a given rate.
When Does Your Personal Car Become a Commercial Vehicle?
At what point can you call a personal vehicle commercial?
Why Everyone Needs an Estate Strategy
Do you have an estate strategy? You should.