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The Importance of Interest

Why is it so important to consider the interest rate of the loan that you receive?  It is quite simply because the costs determine how much you will pay for the home in the long run.  Interest is the price tag of your loan.  It is what you will pay to borrow money and therefore it should be as low as possible to save you money.  A fraction of a percentage really does make a huge difference in paying off your loan and for that you should consider just where you stand. 

You can see what the difference in interest can do to your loan by simply using a mortgage calculator to calculate this information for you. 

 

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 factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Purchase & Financing Information
Sale Price of Home: (In Dollars)
Percentage Down: %
Length of Mortgage: years
Annual Interest Rate: %
Explain Calculations: Show me the calculations and amortization
 



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