Definition: The word "calculate paying extra on mortgage" refers to a scenario where a borrower uses their existing monthly mortgage payment as an additional deposit, allowing them to pay off their debt by making smaller payments over time without having to make larger contributions upfront. In this context, it is common for borrowers to use the amount of their current mortgage payment as a percentage of the total amount owed and apply that percentage towards the remaining balance. The term "extra" in this case refers to any additional part of the monthly mortgage payment that can be used to repay the debt. The word "calculate paying extra on mortgage" is not a legal term, but rather a common phrase used by many borrowers who are considering making larger payments or refinancing their loans to reduce their monthly payments.
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