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Use the handy mortgage calculator below to determine your mortgage loan amount and monthly payments. To calculate a monthly payment enter your loan amount (it's a good idea to include an extra 5% to cover legal fees and hidden costs, etc.), the interest rate and the loan period in years. Optionally, you can also include the property tax and insurance and we will include them in the total monthly calculations. When done click the "Calculate!" button.
As a general rule of thumb, most banks will not enter into a mortgage agreement with you if the required monthly payment exceeds approximately 28% of your gross monthly household income. Many types of mortgages also require a down payment, so you should be aware of this when budgeting for your next mortgage.
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