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April 19, 2005
Explaining Two Complex Mortgages
When you are evaluating complex mortgages, it's a very good idea to find a mortgage calculator that lets you run what-ifs so you can understand how each mortgage works.
The second mortgage has payments based on a 30-year amortization, but comes due in 15 years, with a balloon payment. You can use the amortization schedule on Bankrate's mortgage calculator to determine the remaining principal balance after 15 years to determine the balloon payment.
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Posted on April 19, 2005 12:37 PM by Mortga79.
Filed in Mortgage Calculator under mortgage calculator.
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