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Information
regarding your loan for the calculator above.
Things to keep in mind:
- Principal Amount of
Loan - Enter the beginning balance of the loan. For
mortgage loans, this is usually determined by adding the
home purchase price and closing costs, then deducting the
down payment.
- Annual Interest Rate
- This calculator requires an interest rate between 1.0%
and 50%. You may enter any increments above 1.0% -- for
instance, 8.125% would be valid to enter.
- Term of Loan - Must be at least 1 year. Enter increments of whole years
using a decimal point. For instance, you would enter 1 ˝
years as 1.5 years.
- Monthly Loan
Payment - Calculated after you enter information
and click on the "Calculate" button.
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REMINDER:
If this
is a mortgage loan, the monthly payment does NOT include
an amount for property taxes and/or
insurance. |
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