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The Mortgage Calculator & Mortgage Rates by Bankrate app for your iPod touch, iPad, and iPhone provides you with quick information regarding mortgages. This can be really handy while out and about while you check out homes or just to answer questions you may have about current rates.
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When you have a mortgage on your home, the interest rate is the ongoing amount you pay to finance your home purchase. Your interest rate is typically represented as an annual percentage of your remaining loan balance. For example, a 4% interest rate on a $200,000 mortgage balance would add around $652 to your monthly payment.
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