Definition: The mortgage rate calculator provides a financial tool for borrowers to compare various mortgage rates across different loan programs, banks, and insurance companies in order to find the best offer. A mortgage rate calculator allows users to input their desired monthly payment amount, loan amount, and length of time they are considering overpayment or early termination. The calculator then compares several mortgage rates and provides a breakdown of each rate's interest rates, payments, and terms based on the input parameters. The term 'mortgage rate' refers to the cost of borrowing money from a lender in exchange for ownership of property, such as a house, apartment, car, or other assets. Mortgages are loans made by banks, governments, or other entities to homeowners, renters, and businesses in order to finance their purchases or investments. The word 'mortgage rate calculator' is used in the context of financial analysis to help borrowers understand different loan options and compare them with each other based on interest rates, payments, and terms. The tool is widely used by individuals looking for a mortgage to determine which type of loan would best suit their needs and budget.
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