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Mortgage interest rate calculatorThis is a discussion on Mortgage interest rate calculator within the Mortgage Know-How forums, part of the Mortgage and Loans Forum category; A mortgage interest rate calculator is an excellent tool for determining whether you can afford a house. The user inputs ... |
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| Mortgage Know-How A mortgage is the transfer of an interest in property (or the equivalent in law - a charge) to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt. It is a transfer of an interest in land (or the equivalent) from the owner to the mortgage lender, on the condition that this interest will be returned to the owner when the terms of the mortgage have been satisfied or performed. In other words, the mortgage is a security for the loan that the lender makes to the borrower. |
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10-09-2010, 05:25 AM
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Mortgage interest rate calculator
A mortgage interest rate calculator is an excellent tool for determining whether you can afford a house. The user inputs the total loan amount, the interest rate, and the length of the loan, and the mortgage interest rate calculator figures out the likely monthly payment. This enables users to determine whether they can handle a particular home at current interest rates, or perhaps to get an idea before they start shopping of how much home they can afford.
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