Definition: The term "mortgage 80 LTV" refers to a type of mortgage loan in which the borrower's monthly payment amount will be calculated using the formula: `Monthly Payment = (Assessed Value of Mortgage - Loan Amount) / (1 + (Interest Rate for Mortgage/100))` This formula assumes that the loan is fully amortized, meaning that the entire balance is paid off over a period of 80 years. The term "mortgage 80 LTV" suggests that this type of mortgage will require monthly payments of 80% or less of the assessed value of the home for the borrower to be able to afford the loan. The 80% rule refers to the percentage of a house's market value (Assessed Value) that is considered to be "affordable" by lenders. For example, if a typical home is worth $150,000 and the 80% rule is applied, then the monthly payment would be between $7,250 and $9,750. It's important to note that this type of mortgage does not guarantee a fixed interest rate for the entire term of the loan. Instead, it provides borrowers with flexibility in choosing a lower interest rate over time based on market conditions or other factors.
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