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.
Related Content
How Long Will Your Money Last?
See how long a lump sum of savings could last based on your withdrawal rate and return.
Test Your Estate Strategy Knowledge
Estate management can help ensure that your assets are transferred according to your wishes while managing tax issues.
Protecting Your Home Against Flood Loss
Protect yourself against the damage that your homeowners policy doesn’t cover.