Terminology Tip: Mortgage Calculator

By: The Jean-Jacques Team

Terminology Tip: Mortgage Calculator

Tags: Mortgage Calculator, Annual Interest Rate, Loan

An automated tool that enables users to determine how much money they can afford to borrow — and thus, how much they can afford to spend on a home — at a particular interest rate by calculating what their monthly mortgage payment would be on a given loan. Variables input into a mortgage calculator include the amount borrowed, the term of the loan, and the annual interest rate at which the money is borrowed.
 
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