Mortgage Calculator # mortgagecalculator

Mortgage calculator calculates the amount of loan that is taken out to purchase a property, follow the simple steps below to use the calculator:
Calculate your mortgage by following the steps

### Step1

Enter the purchase price in the box marked "purchase price"

### step 2: Getting it right

Tweak the down payment by sliding back and forth on the sliding bar

### result

Check the mortgage term  Specify the interest by pulling the slide to specified rate.

### How The Calculator Works

A mortgage calculator is a tool used to determine the amount of loan taken to buy a property. To use the calculator, follow these steps:

• Input the purchase price in the designated "purchase price" box.

• Adjust the down payment by sliding the bar.

• Choose the desired mortgage term.

• Specify the interest rate by moving the slider.

### What is Mortgage?

A mortgage is a loan that is taken out to purchase a property, typically a house or a piece of land. The borrower (also known as the mortgagor) gives the lender (also known as the mortgagee) a legal claim on the property as collateral for the loan. The borrower pays back the loan in installments, which consist of both the principal amount borrowed and interest charges.

### Calculations Involving Mortgages

1. Monthly Payment Calculation: This involves calculating the amount of the monthly payment based on the loan amount, interest rate, and loan term. Various formulas, such as the amortization formula, can be used to calculate the monthly payment.

2. Interest Calculation: This involves calculating the amount of interest paid over the loan term. The interest is typically calculated based on the remaining loan balance and the interest rate.

3. Total Cost Calculation: This involves calculating the total amount paid over the loan term, including both the principal and interest. This can be calculated by multiplying the monthly payment by the number of months in the loan term.

### Tip

It's important to note that mortgage calculations can be complex and involve factors such as down payments, closing costs, and escrow accounts. It's recommended to use specialized mortgage calculators or seek professional advice when dealing with mortgage calculations.

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