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Loans - Mortgages

Loans - Mortgages. Amortization Table. Just like Credit cards. Month . Zero to however many months it will take you to pay off the loan. Ending Balance . Cost of house / condo minus what you “put down” . Payment.

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Loans - Mortgages

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  1. Loans - Mortgages

  2. Amortization Table Just like Credit cards

  3. Month Zero to however many months it will take you to pay off the loan Ending Balance Cost of house / condo minus what you “put down”

  4. Payment 30 year fixed – the interest rate stays the same for the entire duration of the 30 year loan. 15 year fixed - the interest rate stays the same for the entire duration of the 15 year loan. 5/1 arm – “arm” stands for adjustable rate mortgage, which in this case means that after 5 years the interest rate changes every year (every 1 year)

  5. Interest, Principal, and Ending Balance work the same as with credit cards

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