Mortgage Calculator

Loan Amount $:

Interest Rate %:

Loan Term (years):

Payment Schedule

Description

The Mortgage Calculator is a user-friendly tool that helps you estimate your monthly mortgage payments, total interest, and overall payment schedule. By entering the loan amount, interest rate, and loan term, you can get a clear picture of how much your monthly payments will be and how much interest you will pay over the life of the loan.

How to Use

Enter the total loan amount in the "Loan Amount $" field.
Enter the annual interest rate (as a percentage) in the "Interest Rate %" field.
Enter the loan term in years in the "Loan Term (years)" field.
Click "Calculate Mortgage" to see your estimated monthly payment and total interest paid.
The calculator will display a detailed payment schedule, showing the breakdown of principal and interest payments over the loan term.

How to Calculate Mortgage Payments Manually

Calculate the monthly interest rate by dividing the annual interest rate by 12 and converting it to a decimal: monthly interest rate = (annual interest rate / 100) / 12.
Calculate the total number of payments: total payments = loan term in years × 12.
Use the formula for the monthly payment:
- Monthly Payment = $\frac{P \cdot r \cdot (1 + r)^n}{(1 + r)^n - 1}$
- Where:
  - $P$ = principal loan amount
  - $r$ = monthly interest rate
  - $n$ = total number of payments
Calculate the total interest paid over the loan term by subtracting the principal from the total of all payments.