Q:

What is the purpose of an auto amortization calculator?

A:

Quick Answer

The purpose of an auto amortization calculator is to determine mortgage loan payments, according to Bankrate. The auto amortization calculator is also used for creating printable amortization tables, charts and monthly loan schedules.

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Full Answer

By simply entering the home value, mortgage amount, property taxes, home insurance, mortgage term in years or months as well as interest rate per year, mortgage start date and then clicking calculate, the auto amortization calculator gives a breakdown of the principle, interest and loan balance. The auto amortization calculator is used for loan payment estimation purposes only. It does not include closing costs, tax deductions, home warranty, home maintenance costs, and other recurring costs in its calculations, as stated by U.S. Mortgage Calculator.

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