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Mortgage Loan Calculator - Glossary:
Using our mortgage loan calculator, can help you to estimate Monthly Payment, Total Interest, Total Principal and Total Loan Payment.
Home Purchase Price
The amount agreed by the buyer and a seller as sale proceeds or value.
The down payment is the initial contribution paid by the borrower.
Rate of Interest
Agreed Interest rate under the terms of loan agreement.
Loan Term (Years)
Agreed - Length of loan repayment.
A loan is the money lent by one party to another - commonly by financial entities like Bank, Co-operative Unions and in some cases approved licensed individual to lend an individual or a firm by obtaining a security or with good a faith.
Amortized fixed monthly payment consist of principal and interest to be paid over the entire loan term.
Total Principal Paid
Amount paid towards repayment of loan principal.
Total Interest Paid
Amount paid towards repayment of loan interest.
Total of interest and principal paid for the period of the loan term.
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