Definition: The Mortgage Budget Calculator is a tool or software that allows you to estimate how much money you can save in interest payments each year by changing the terms of your mortgage loan. This calculator uses various inputs, such as the down payment percentage, monthly mortgage interest rate, and number of years for which interest will be compounded, to provide an estimated amount of savings. It is designed to help homeowners plan their finances more efficiently and save money on interest payments over time. The key features of a Mortgage Budget Calculator include: - An input area for entering the terms of your mortgage loan (e.g., monthly payment, down payment percentage, etc.) - An output area that displays an estimated amount of savings over time - A feature to compare different types of mortgages and their potential savings over time
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