There are different types of mortgage loan calculator available online which can be very helpful in making home purchase decision for example mortgage rate calculator and refinance mortgage calculator. Some major information required by home mortgage loan calculators which you have to enter are explained as follows:
· Amount or purchase price - this is the amount that you will be borrowing to finance your home.
· Interest rate - the interest rate that is given or you have chosen for this loan
· Term or amortization period – This means that the number of years until the loan is fully paid
· State and/or zip code - State rates sometimes affect the payments to be made because there are other added taxes to be considered and added into your loan payments.
· Down payment rate - the rate you have paid for the down payment of your home
· Payments per year - how many times you have to pay loan in a year (example: You make four (4) payments in one year so you enter 4 in this space)
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