Definition: The word "mortgage and closing cost calculator" refers to a tool or service that helps homeowners, real estate agents, and lenders understand how much money they'll have to pay for a mortgage loan with the purchase of a home. A mortgage and closing cost calculator calculates various costs associated with purchasing a house. These costs can include the down payment, credit score, closing costs (such as appraisal fees, title insurance, and escrow fees), homeowner's insurance, property taxes, and other necessary expenses such as moving costs or landscaping. The purpose of the calculator is to provide homeowners with an accurate estimate of what they will need to pay before actually purchasing a home. This can be especially important if homeowners want to take on additional financing options like refinancing or taking out a personal loan. Overall, it's a useful tool for anyone considering buying or refinancing a property as it provides a clear picture of the costs involved and helps homeowners make informed decisions about their mortgage payment.
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