Definition: "An amortization calculator" is a tool or software that calculates how much interest you will pay on your mortgage over the course of its entire term. The exact details of the calculation process can vary widely depending on the type of loan, lender, and other factors, but generally it involves taking into account various factors such as: 1. Principal balance: The amount owed on a mortgage is typically calculated by multiplying the outstanding principal balance by the number of payments to be made over the life of the loan. 2. Interest rate: Mortgage interest rates are typically based on an annual percentage rate (APR) and may vary from lender to lender. 3. Loan term: The length of time you will pay off your mortgage, which can range from a few years to several decades. The process of calculating this out is often done using a calculator or software that is specifically designed for mortgage calculations. Some examples of such calculators include: 1. NerdWallet's Mortgage Calculator 2. LendingTree's Personal Finance Calculations 3. Zillow's Mortgage Calculator 4. FreddieMac's Mortgage Calculator
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