1070-B West Causeway Approach, Mandeville, LA 70471

(985) 630-6108
michael@sciortinofinancial.com
Client Login

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

Test Your Life Insurance Knowledge

Test Your Life Insurance Knowledge

How much do you know about one of the most important tools you have to help protect your and your family’s financial future?

Five Most Overlooked Tax Deductions

Five Most Overlooked Tax Deductions

Five overlooked tax deductions to help manage your tax bill.

Suddenly Single: 3 Steps to Take Now

Suddenly Single: 3 Steps to Take Now

Have you found yourself suddenly single? Here are 3 steps to take right now.