Comparing Mortgage Terms
For most, a home is the largest purchase they will ever make. So, it's critical to look at the purchase from a variety of perspectives, including comparing mortgage terms. Use this calculator to see the difference between a shorter- and longer-term mortage.
Loan Parameters
Loan Comparison Results
First Loan
Monthly Payment$2,532
Total Interest Paid$155,683
Total Amount Paid$455,683
Second Loan
Monthly Payment$1,996
Total Interest Paid$418,527
Total Amount Paid$718,527
Visual Comparison
Monthly Payment
Total Interest Paid
Total Amount Paid
Keep in mind that mortgage lenders have rules that they follow, like 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.
