Definition: The term "mortgage loan payment calculator" refers to a software application that helps users understand how much money they will be required to pay each month to make payments on a mortgage loan, or other type of debt such as credit card or student loans. This tool provides an estimate of how much a borrower would need to pay monthly based on the length and frequency of their current mortgage payment, as well as any associated fees. It also calculates the total amount of interest paid over the life of the loan, which is typically the first year after the initial principal balance is settled. The concept behind a mortgage loan payment calculator is similar to how a simple interest calculator works; it breaks down the monthly payments into smaller portions that represent the principal and any additional interest charges. This allows borrowers to see how much they would need to pay each month, as well as the total amount of interest paid over the life of the loan. The definition of "mortgage loan payment calculator" is typically used in financial terms when comparing different mortgage loans or planning for payments on a specific type of debt.
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