Question

 How is interest calculated on a mortgage?

Answer A mortgage is a loan used to purchase property. The typical mortgage is a 30-year, fixed-rate mortgage. For more than 20 years, most of your monthly payment goes toward interest, rather than toward... Read More »
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Top Q&A For: How is interest calculated on a mortgage

Is interest paid on a time share condo deductible as mortgage interest?

According to the IRS, mortgage interest from a timeshare condominium is considered qualified residence interest that is tax deductible as long as the owner uses the condominium as a second home for... Read More »
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Is mortgage interest figured differently than revolving interest?

Mortgage interest rates are calculated differently than revolving rates, because property secures mortgages. Banks can foreclose or seize real estate to make good on missed payments. Revolving debt... Read More »
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How is interest calculated on cds?

Interest on your CD is calculated based on your balance and your interest rate. However, your total return depends on how often your accrued interest is credited to your account. The more often thi... Read More »
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Does a simple interest mortgage charge interest?

A simple interest mortgage does charge interest, but it is calculated differently that on a traditional mortgage. Simple interest is based on the balance of the loan each day, as opposed to each mo... Read More »
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