Mortgage Calculator
How mortgage calculator works ?
A mortgage calculator is a tool that can help you estimate your loan payments and interest. You just need to enter the loan amount, interest rate, and loan term. The calculator will show you the monthly payment, total interest, and amortization schedule. There are different types of loans, such as fixed-rate or variable-rate.
How to use Mortgage Calculator?
- Enter the mortgage amount in the first column. This is the total amount of money you want to borrow from a lender to buy a property.
- Enter the interest rate in the second column. This is the annual percentage rate (APR) that the lender charges you for borrowing money. It can be fixed or variable, depending on the type of mortgage you choose.
- Enter the mortgage term in years in the third column. This is the number of years or months that you agree to repay your loan over.
- Click on the calculate button or press enter. The calculator will then display the monthly payment, total interest, and amortization schedule for your loan.
How mortgage is calculated?
Mortgage is calculated by using a formula that takes into account the loan amount, interest rate, and loan term. The formula is:
where:
- M is the monthly payment
- P is the loan amount
- r is the monthly interest rate (annual interest rate divided by 12)
- n is the number of monthly payments (loan term in years multiplied by 12)
You can use this mortgage calculator to find out how much you will have to pay monthly for different types of loans, such as car loan, home loan, education loan, personal loan, or business loan. This calculator is free and easy to use. You do not need to provide any personal information or login details to use it. Just enter the loan amount, interest rate, and loan duration, and the calculator will show you the monthly payment amount.