Definition: The Mortgage Simple Calculator is a tool provided by mortgage lenders that calculates the total amount of principal, interest, and fees associated with a fixed-rate mortgage loan for an individual or family. This calculator uses the information provided in the application form to estimate the monthly payments required on the loan to ensure that the payment would be paid off over time. The calculator also provides an analysis of potential risks, such as the possibility of early repayment penalties and any interest charges that may apply if the loan is not repaid on time. The Mortgage Simple Calculator has a few key features: 1. Estimating monthly payments: The calculator uses information provided in the application form to estimate the monthly payment required for the loan. 2. Risk analysis: It evaluates potential risks such as early repayment penalties and interest charges that may apply if the loan is not repaid on time. 3. Prepayment penalty calculation: If the borrower decides to pay off the loan earlier, they will incur a prepayment penalty. The purpose of using this tool is for lenders to provide borrowers with an accurate picture of their monthly payment obligations and risk management options. It can also be used by investors as part of an investment strategy analysis or as part of a credit scoring process. Mortgage Simple Calculator
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