I've never had a car-loan, so I can't speak (by experience) to how they might compare.
1. Good on ya' to be looking at a fixed rate loan. That way you know what your monthly payment will be for the term of the loan. 2. You may need to be 21 to sign for a home loan, but I don't know for sure. 3. The typical home mortgage payment will consist of 4 parts - Interest, principle, and possibly mortgage insurance and escrow payments (the last two depend on the specific loan):
Interest is what you pay for the priviledge to use "their" money. Principle is where you (slowly) return the initial amount you borrowed. Mortgage insurance is an extra fee to "insure" against you failing to pay off the loan. If you can put 20% down (or take a 2nd mortgage for the difference between 80% of the loan value and your down-payment), the mortgage lender is not allowed to charge mortgage insurance Escrow payments are where the mortgage company will collect ~1/12 of the homeowners insurance, property taxes, homeowners assn fees, etc. each month, then pay those bills as they come due.
4. Based on a quick calculation, for a $500/mo payment, you can probably borrow ~56,000 for 15 years. If you spread that to 20 years, ~$65,000; at 30 years, ~$76,000.
4b. If you are able to additional $$ on the loan each month, you can really speed up the pay-off. Make sure that there is not pre-payment penalty (most reputable mortgage companies have NO pre-payment penalty - in my experience).
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