Definition: The mortgage payment estimate calculator is a tool that allows users to calculate the monthly payments for a fixed-rate mortgage, such as the 30-year loan with a 12% interest rate. It uses financial data (e.g., income, debt levels) and other factors to determine the monthly mortgage payment, which can be used by mortgage lenders, brokers, or consumers who are considering refinancing their loan. The definition of 'mortgage payment estimate calculator' is a tool that allows users to calculate monthly payments for a fixed-rate mortgage, such as 30-year loans with a 12% interest rate.
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