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How to calculate your monthly mortgage payment:
Buying a house is stressful. It
take forever, and many people feel that they always end up spending more than they thought
would. One of the tools people can use to help to manage their expectations relating to home
price is a mortgage calculator.
A mortgage calculator is a simple tool that helps people figure out what their monthly
payment will be by inputting pieces of information. In other words, you tell the calculator
it needs to know, and it does the math for you, and tells you your monthly payment.
In order to get the best results out of your mortgage calculator, you'll need to have the
Mortgage Amount (That's the total sale price of the home, minus your down payment)
Interest rate of the mortgage
Term or length of the mortgage (usually 15 or 30 years).