💰 Mortgage Calculator
💡 Example: 250,000
💡 Example: 50,000
💡 Example: 3.5%
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Frequently Asked Questions
A mortgage is a loan provided by a bank or lender that enables you to purchase a home. You repay it over time, typically in monthly installments, which include principal and interest.
A fixed interest rate remains the same throughout the loan term, ensuring consistent payments. A variable interest rate can fluctuate based on market conditions, causing payments to change over time.
Ideally, you should save at least 20% of the home price to avoid private mortgage insurance (PMI). However, some lenders offer loans with down payments as low as 3-5%.
Besides the monthly mortgage payments, consider property taxes, home insurance, maintenance, and potential HOA fees.
PMI is a type of insurance required if your down payment is less than 20% of the home’s value. It protects the lender in case you default on the loan.
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The information provided by this mortgage calculator is for illustrative purposes only and does not constitute financial advice. Results are based on user input and may vary depending on additional factors such as fees, taxes, or changes in interest rates. Always consult with a licensed financial advisor or mortgage professional to make informed decisions about your specific financial situation.
