What is Mortgage Loan Calculator?
Here is the brief about Mortagage Loan Calculator
Tearm of a Mortgage Loan Calculator:
Loan Amount: The amount borrowed from the lender after deducting the down payment.
- Formula: Loan Amount = Home Price – Down Payment.
Down Payment: The initial payment made by the buyer towards the purchase price of the home, typically expressed as a percentage (e.g., 20%).
- A higher down payment reduces the loan amount, leading to smaller monthly payments.
Interest Rate: The annual percentage rate (APR) charged by the lender on the remaining loan balance.
Mortagage Loan Term: The time period (usually 15, 20, or 30 years) over which the borrower repays the loan.
Hope You are clear on this and able to calculate your Mortagage Loan using above Mortagage Loan Calculator
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