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

$50,000 $10,000,000

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
$2,532
First Loan
$1,996
Second Loan
Total Interest Paid
$155,683
First Loan
$418,527
Second Loan
Total Amount Paid
$455,683
First Loan
$718,527
Second Loan

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?

Thank you! Oops!

Related Content

Immediate vs. Deferred Annuities

Immediate vs. Deferred Annuities

Looking forward to retirement? It's critical to understand the difference between immediate and deferred annuities.

Debt vs. Investment

Debt vs. Investment

Weigh the potential outcomes of paying off debt versus directing those dollars elsewhere.

Medicare Advantage Plans (Medicare Part C)

Medicare Advantage Plans (Medicare Part C)

Medicare Part C allows you to choose a Medicare Advantage plan. This article will help you decide if it's right for you.