getcalc.com's Mortgage Calculator is an online finance tool to calculate how much monthly repayment should be made for every month or period until the loan is completely paidoff for principal amount lent or borrowed at certain rate of interest for a particular period of time.
Definition & Formula
Mortgage is a finance function or method used in the context of time value of money calculation, represents a legal agreement between lender and borrower, where the money lent at certain interest rate in exchange for taking the title of borrower’s property as a security of a loan, until the end of tenure or the loan is completely paid off. It’s a fixed amount of payment for every month but the partial principal and interest amount within the monthly repayments towards the loan gets increased and decreased respectively over the period of time.
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