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Basic Tools
Mortgage Calculator
Calculate your monthly mortgage payments based on loan amount, interest rate, and loan term. Enter your loan details to get an accurate calculation.
Mortgage Payment Calculation
Calculating your monthly mortgage payment helps you plan your finances and determine how much you can afford to borrow. This Mortgage Calculator allows you to input the loan amount, interest rate, and loan term to determine your monthly payment.
Use this tool to understand your mortgage options and make informed decisions about buying a home.
Step 01: Enter Loan Details
Start by entering the loan amount, annual interest rate, and loan term in years. These inputs will help calculate your monthly mortgage payment.
Step 02: Calculate Monthly Payment
Click the "Calculate" button to determine your monthly mortgage payment. The result will give you a clear understanding of your financial commitment.
Use this information to compare different loan options and make an informed decision about your mortgage.
The mortgage payment is calculated using the formula:
Payment = P [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]
Where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
The interest rate is the percentage of the loan amount that is charged by the lender for borrowing the money. It is typically expressed as an annual percentage rate (APR).
Knowing your monthly mortgage payment helps you budget effectively and ensures that you can afford the loan. It also helps you compare different loan offers to find the best deal.
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