Definition: The mortgage and amortization calculator is a type of financial calculator that calculates the monthly payment, interest rate, loan amount, and total cost over the term of the loan. It can be used to calculate various aspects of a loan's repayment schedule, including the interest rate paid during each month, the principal balance at the end of each period, the number of payments made, and the total cost of the loan. The mortgage calculator is designed to help users make informed decisions about their personal finances. It provides valuable information on how much money they can afford to spend on a loan and when they will repay it over time. The amortization calculator, on the other hand, helps borrowers understand how much they will pay in total interest over the life of the loan. In summary, both calculators are designed to help users make informed decisions about their personal finances and understanding their financial obligations.
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