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What is a morgage loan, and why use a morgage calculator or mortgage loan calculater? A morgage loan is a loan that is secured by a house or property and paid back in installments over a timeframe agreed upon by the borrower and the lender. The borrower receives the amount needed to buy the property up front (morgage loan amount), then agrees to pay back the loan plus interest to the lender. By using the morgage calculator below, you can easily determine how much you can afford to borrow. The results displayed by the mortgage loan calculater are payment estimates and should be confirmed by your lender prior to taking out a morgage loan. To use the morgage calculator, simply enter the amount of the loan, the interest rate, and the life of the loan. Then click the calculate button, and the mortgage loan calculater will estimate what your monthly morgage loan payment amounts will be (Note: property taxes and home insurance are not figured into the calculations). |