A mortgage is a loan used to buy a home or to refinance a home loan. You make regular payments on a mortgage until it’s paid off after a set number of years. It's the legal document that permits your lender to take your home if you don't repay the loan as agreed.
Why use a mortgage calculator?
A mortgage calculator helps you plan things like:
- How long you will live in your house?
- The expected length of investment greatly impacts your decision on whether to choose a 15 year or 30-year fixed-rate loan or a shorter term. The longer term will provide a more affordable monthly payment, but you’ll pay a lot more interest over the long term.
- Whether an adjustable-rate mortgage might be better for you.
- Size of the house. Lenders may be more than happy to put your name on a big loan, but how do you feel about it?
- Impact your monthly budget, or are you feeling a bit stretched
- How much your downpayment will be.
After downloading this sample calculator and filling in the blanks, you can easily calculate how much your home mortgage will be and how long it will take until you're done. If this isn't the right letter that you are looking for, then certainly take a look at the other letters that Bizzlibrary.com has to offer. We have many letters ranging from cover letters to business letters and thank you notes.
The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained this site constitutes a solicitation, recommendation, endorsement, or offer by Bizzlibrary or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.
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