Mortgage Calculator
Mortgage:
A mortgage is a loan from a lender that allows you to borrow money to purchase a home or other real estate property. In exchange, you agree to make regular payments, known as mortgage payments, which typically include principal, interest, taxes, and insurance (PITI).
A mortgage can be fixed-rate or adjustable-rate, with varying terms such as 15- or 30-year mortgages.
You’ll typically need to provide collateral (the property) to secure the loan.
Mortgage Calculator:
A mortgage calculator is an online tool that helps you calculate your monthly mortgage payments based on factors like:
Loan amount
Interest rate
Term (length of the loan)
Monthly payments
Using a mortgage calculator, you can get an idea of:
How much you’ll need to borrow each month
Your total interest paid over the life of the loan
Whether your monthly payment fits within your budget