Mortgage loan – is a type of loan offered by financial institutions often banks and credit unions to individuals or legal entities on real estate (land, buildings, structures, premises). In other words, the bank pays you the necessary amount of cash as collateral and receives real estate that can be sold by the bank in case you default on the loan amount. Resulting in the bank loan amount you are paying installments to the bank for a certain period of time. As a reward, the bank receives a fee from you for the loan. Common use of the mortgage – is to buy natural persons apartment on credit. Buyers usually becomes the object of the pledge.
With this mortgage calculator you can calculate the approximate cost of using a mortgage and choose the best loan scheme.
Despite the fact that the mortgage calculator allows you to specify additional options of credit, payment amount may have a slight error caused by the peculiarities of calculations in each financial institution.