Definition: The mortgage calculator "simple" refers to a free online tool or service that calculates various aspects of a mortgage, such as monthly payments, interest rates, and repayment schedule. This tool helps borrowers determine how much they can realistically afford to pay on a monthly basis by providing an estimate of their total loan payment based on the length of time in which the loan is outstanding. It also includes detailed information about each variable that influences the cost of the mortgage, such as credit score, down payment percentage, and interest rate. The "mortgage calculator simple" can be useful for borrowers who want to understand how much they need to save up or make a deposit before purchasing a home or refinancing an existing loan. It provides clear, step-by-step calculations that help ensure that the borrower makes sound financial decisions when it comes to their mortgage payment. Overall, "mortgage calculator simple" is a useful tool for borrowers who are considering purchasing a home or refinancing an existing loan and want to make informed financial decisions.
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