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When purchasing that new home, you will most likely use a mortgage to finance the whole or part of the purchase price. Well, you do not need the compound interest rate tables anymore, a mortgage calculator will ensure that even without the mathematical understanding of compound interest, you still can predict the financial implications of mortgage transactions. The mortgage calculator will help you determine the monthly repayments of your home loan you are about to apply. The main variables we will require are the purchase price, down payment, mortgage term, interest rate, first payment date, and the monthly payments. You may go ahead and provide property tax rate, property insurance rate and other fees for a more accurate schedule. The mortgage calculator can also help you plan to pay off your mortgage earlier by making extra payments which will shorten your mortgage term, we recommend doing this because of its big saving capabilities. It can also help you decide if adjustable-rate mortgage (ARM) is a good option due to its initial lower interest rate and the perfect time to get rid of private mortgage insurance. Private mortgage insurance can be waved when you have 20% or more ownership of your home, a mortgage calculator can calculate this time for you. You can, therefore, have control over that mortgage plan with just some few pieces of information.
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