Cashcash: Mortgage Calc can help you deal with multiple issues that arise when you are preparing to purchase a home with a mortgage.
What is a mortgage?
Formally, a mortgage loan (or simply mortgage) is a legal agreement where a bank (or other authorized institution) lends money to the borrower in exchange for taking the title of the debtor's property. The bank holds this title until the debtor fully repay the whole loan.
The essential part of a mortgage besides the loan amount (principal) is the interest, which is the cost of the loan for the debtor, and the remuneration for the bank. In other words, we can say that a mortgage is a form of a personal loan that the bank provides for the house purchase. The characteristic feature of each mortgage is setting the collateral on the real estate the debtor buys. It means that if the debtor is unable to realize the periodic payments (installments) at the agreed due dates , the lender can take ownership of the property.
How to use Cashcash: Mortgage Calc?
Now that you know the basics, we can get to our calculation. Please note, however, that due to possibly missing factors, the estimated results may diverge from the final values that the bank charge when providing a loan.
1 First, you need to set the home value and the down payment which together will give you the amount of the loan amount for financing the home purchase. This value will be the initial amount of the principal that you need to repay during the given loan term.
2 Fill in the interest rate.
3 After setting the interest calculation method and the desired payment frequency you can see what your periodic payment will be.
4 You can click Save to save your calculation record for your next review.
Cashcash: Mortgage Calc requires you to use your mobile phone number to obtain an OTP login, so that you can access your Historical calculation records.
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