25 Independence Boulevard, 2nd floor, Suite 200, Warren, NJ 07059

(908) 604-1100
Book an Appointment

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

Inflation & Your Money

Inflation & Your Money

It's important to understand how inflation is reported and how it can affect investments.

What's New for Social Security?

What's New for Social Security?

There have been a number of changes to Social Security that may affect you, especially if you are nearing retirement.

Trends in Charitable Giving

Trends in Charitable Giving

Some people may want a more advanced gifting strategy that can maximize their gift and generate potential tax benefits.