ARTICLES

A mortgage equation is the mathematical formula that a lender uses in order to determine the borrower's fixed monthly payment to pay off a mortgage loan over a period of time. The lender calculates a mortgage amount usin...

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Mortgage calculators found on the Internet are generally reliable and accurate for determining the principal and interest portion on a monthly mortgage payment. However, because P&I is just one of several parts of the mo...

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The Annual Percentage Rate for mortgage interest is calculated in two steps, according to Bankrate. First, solve for the APR payment amount. This number will be different from the actual payment amount. Next, determine w...

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SIMILAR ARTICLES

A mortgage payment is a monthly disbursement of funds paid by the borrower of a loan to the loan lender, according to BusinessDictionary.com. A monthly mortgage payment may or may not include additional funds for real es...

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A mortgage payoff letter is a letter from a mortgage lender that explains to the borrower how to pay off the home loan. As the end of a loan agreement approaches, the borrower requests a mortgage payoff letter in order t...

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PMI stands for private mortgage insurance, and it protects the lender from loss should the borrower default on the mortgage loan, according to Bankrate. Lenders require PMI if the down payment on a mortgage does not exce...

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A mortgage commitment letter is a statement from a lender to the borrower which confirms that the borrower has secured the loan and can now go ahead with closing, according to The Nest. The letter highlights the terms of...

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