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
Understanding Money Market Funds
Check out this brief article which explores the role Money Market Funds may play in your portfolio.
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.
Password Protection Strategies
Simple steps may help you foil hackers and protect your privacy.