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Mortgage Calculator is
the best tool to help you estimate the financial obligations a mortgage
imposes on you. It takes into account all the immediate constituents
of the payment - the repayment amount itself, the interest charged
by the lender, the Property Tax and the Private Mortgage Insurance.
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You can always try to lighten the burden of the mortgage by paying
occasional extra to your regular monthly amounts. This calculator
helps you estimate how much money (and freedom from the debt) such
extra payments can buy you. |
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You always have to make sure that the amount of money you are
borrowing is not going to deprive you of everything you already
have and intend to buy. Make it certain that you are capable of
paying the mortgage amount and the extras it always involves off. |
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Are you already paying off a mortgage? Consider these: the car,
the boat, the student loan, the furniture, the minimum monthly payments
on your credit cards, the monthly legal obligations (e.g. child
support, alimony, court expenses), maybe something else... Find
out if you can afford yet another loan. |
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Discount points can be pretty tricky, but they may save you quite
an amount of money if used wisely. The main question is whether
you can afford to make the upfront payment for the points. Fine-tune
the balance of the interest rate and the discount points in your
payments and enjoy the benefits. |
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You can save a considerable amount of money by refinancing your
loan. Interest rates are always subject to vary. If after several
years of paying off, you find a lender offering better terms, you
may consider refinancing as an alternative to your current mortgage
obligations. |
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Your lender can offer you a bi-weekly repayment plan that can considerably
accelerate your repayment rate and thus reduce the total mortgage
period and the amount of interest paid. This calculator illustrates
the striking difference between the regular and the bi-weekly plans. |
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APR stands for Annual Percentage Rate. It shows you the actual
cost of your mortgage, including the interest rate, closing fees
and lender points over the life of the loan. It can become the decisive
criterion in choosing a lender. |
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