Definition: The "mortgage payoff calculator" refers to a software tool that calculates the monthly mortgage payments, including principal, interest, insurance premiums, and penalties, for an individual's home loan over time. This calculator helps individuals understand how much they will pay in total by the end of their loan term, including any additional expenses such as property taxes or homeowners' insurance. The goal is to help borrowers determine if they should take out a mortgage or refinance their loan to save money on payments and improve their financial situation.
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