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
The First Loan Annual Interest Rate and Second Loan Annual Interest Rate are both hypothetical examples used for illustrative purposes only. They do not represent any specific mortgage rate. Actual returns will fluctuate. The illustration does not take into account any other factors, including loan origination fees.
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
A Comprehensive Guide to Navigating Life's Transitions
Check out this comprehensive guide to all the stages of your financial life cycle as you navigate each life transition.
IRA Income
Estimate the potential monthly income your IRA balance could generate in retirement.
Making a Charitable Gift
Did you know that there are benefits and limitations when you decide to donate stock? Learn more about your options.