Usage Information

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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator will indicate that PMI (Private Mortgage Insurance) may be needed for loans where less than 20% is put as a down payment. Not taken into consideration are the town property taxes & PMI, and their effect on the total monthly mortgage payment.