Definition: The mortgage calculator 30-year term helps users to estimate their monthly mortgage payment with a fixed rate of 3% over a period of three decades, provided that interest rates remain unchanged for the entire life span of the loan. mortgage (n.) - a loan secured by ownership of property. The term is used in finance to describe the use of money from one side to pay back another side within agreed terms with no interest charged on the difference between what has been paid and what was borrowed. In a simple example, a person may be given a mortgage for $50,000 with 30-year term. The borrower is required to make monthly payments of $1,500 in order to pay back the loan amount over three decades. mortgage (n.) - a loan secured by ownership of property. The term is used in finance to describe the use of money from one side to pay back another side within agreed terms with no interest charged on the difference between what has been paid and what was borrowed. In a simple example, a person may be given a mortgage for $50,000 with 30-year term. The borrower is required to make monthly payments of $1,500 in order to pay back the loan amount over three decades. mortgage calculator (n.) a financial tool that uses a formula to calculate the monthly payment on a fixed-rate mortgage based on the principal, interest rate and any other variables such as the length of the term or the inflation rate. The calculation is typically done by using the formula: P x i / (1 - (1 + r)^n), where P represents the principal amount borrowed, i represents the monthly interest rate, r represents the annual inflation rate, n represents the term in years and P x i represents the monthly payment. mortgage calculator (v.) a financial tool that uses a formula to calculate the monthly payment on a fixed-rate mortgage based on the principal, interest rate and any other variables such as the length of the term or the inflation rate. The calculation is typically done by using the formula: P x i / (1 - (1 + r)^n), where P represents the principal amount borrowed, i represents the monthly interest rate, r represents the annual inflation rate, n represents the term in years and P x i represents the monthly payment. mortgage calculator (n.) a financial tool that uses a formula to calculate the monthly payment on a fixed-rate mortgage based on the principal, interest rate and any other variables such as the length of the term or the inflation rate. The calculation is typically done by using the formula: P x i / (1 - (1 + r)^n), where P represents the principal amount borrowed, i represents the monthly interest rate, r represents the annual inflation rate, n represents the term in years and P x i represents the monthly payment. mortgage calculator (n.) a financial tool that uses a formula to calculate the monthly payment on a fixed-rate mortgage based on the principal, interest rate and any other variables such as the length of the term or the inflation rate. The calculation is typically done by using the formula: P x i / (1 - (1 + r)^n), where P represents the principal amount borrowed, i represents the monthly interest rate, r represents the annual inflation rate, n represents the term in years and P x i represents the monthly payment.
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