Bank Mortgage Calculator Amount Borrowed: Interest Rate: Term: Monthly Payment: function computeMortgage() { //pulls the variables from the page and parses them as numbers var amtBorrowed = parseFloat(document.getElementById("amtBorrowed").value); var interestRate = parseFloat(document.getElementById("interestRate").value); var term = parseFloat(document.getElementById("term").value); //converts the interest rate to a decimal interestRate = (interestRate / 100) /12; //calculates the number of months from years var n = term * 12; //calculates the monthly payment var monthlyPayment = (interestRate * amtBorrowed) / (1 - Math.pow(1 + interestRate, -n)); //places the final answer in the element on the page document.getElementById("monthlyPayment").value = monthlyPayment.toFixed(2); } // calls the function to calculate the initial values computeMortgage(); What Is A Bank Mortgage Calculator? A bank mortgage calculator is a valuable tool that can give you the best picture of the costs and terms of a mortgage. From comparing different interest rates to calculating how long it would take you to pay off the loan, a good mortgage calculator can help you understand how the bank's offer will fit your budget. The Benefits Of Using A Bank Mortgage Calculator If you are looking for a mortgage, it’s important to find out all the facts and get an accurate picture of the payments you will be responsible for. A bank mortgage calculator can help you do just that. Not only can you calculate what size mortgage you can afford, but mortgages are often sold with different types of interest rates. A bank mortgage calculator can help you compare those rates and determine which one is best for your situation. Also, many people underestimating the real costs of a loan when they take out a mortgage. Homeowners insurance, taxes, and other closing costs about the purchase price are all factors that will affect the full cost of the loan. Bank mortgage calculators can take all these costs into account and help you understand the full cost of your mortgage loan. Factors To Consider When Using A Bank Mortgage Calculator When you are using a bank mortgage calculator, there are certain factors you want to consider to get an accurate estimate. First, most calculators ask you to input factors such as purchase price, mortgage amount, down payment and the length of the mortgage. All of these factors are important for the calculator in order to provide an accurate estimate. In addition, some calculators may also ask for your credit score and the location of the property. Knowing these two will provide an even more accurate estimate of what you can expect to pay. Lastly, you want to make sure that the calculator is up-to-date so that you can trust the results you get. Tips For Using A Bank Mortgage Calculator Using a bank mortgage calculator can be a great way to get a feel for different mortgage options. Keep in mind that the numbers provided by the calculator are just estimates, so you should always be prepared to make changes to your calculations as needed. Furthermore, you should always shop around and compare different offers from other lenders so you can get the best deal available. It is also important to consider other aspects of the loan such as fees, the bank’s customer service, and the terms of the loan. Finally, when you are comparing mortgage offers, make sure to read all the fine print and do your research so you can make the most informed decision. Conclusion Bank mortgage calculators are a great tool to help you determine what size mortgage you can afford. They can provide you with estimates of payments and help you compare different mortgage rates. However, it is important to keep in mind that mortgage calculators are just estimates and there are other factors to consider when shopping around for a loan. Additionally, you should always read all the fine print and do your research so you can make an informed decision.