It is important to note that mortgage payment calculation can also include additional costs such as property taxes, homeowner's insurance, and private mortgage insurance (PMI). The term length is the amount of time it will take to pay off the loan. The principal amount is the initial loan amount borrowed, while the interest rate is the annual percentage charged on the loan. Mortgage payment calculation is based on three factors: the principal amount, the interest rate, and the term length. Understanding the basics of mortgage payment calculation
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