Definition: The word "mortgage calculator with extra payments" refers to a financial tool that helps calculate the monthly mortgage payment required for an investor to achieve certain financial goals, such as saving a certain amount of money or achieving a specific debt level. The term "extra payments" typically refers to additional expenses you are planning to make during your mortgage period. For example, if you want to save $10,000 by the end of your mortgage term and you need to pay an extra $500 each month to cover those expenses, it would be referred to as "extra payments" within this context. The purpose of using a mortgage calculator with extra payments is to help investors determine how much additional money they can save by making specific savings or other financial changes in order to achieve their goals. The calculation involves taking into account the monthly interest rate and your overall debt obligations, which may vary depending on your specific situation. Understanding what an "extra payment" means will help you make informed decisions about how to use your resources efficiently during your mortgage period, as well as potentially reduce additional expenses over time that could be impacting your budget.
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