Definition: The mortgage with tax and insurance calculator (MORTAGE) is a tool or application used to calculate the monthly payments associated with a loan, including interest and any required taxes and insurance. It typically includes features such as calculating the total monthly payment, showing the monthly savings from reducing your income, providing an estimated minimum and maximum annual salary that can be paid for the loan amount, and predicting the impact of future changes in your employment or tax situation on your monthly mortgage payments.
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