Mortgage Loan Calculator Please Enter Your Loan Information Below: Loan Amount: Interest Rate: Years: Monthly Payment: Total Payment: function calculate() { // Get user input var loanAmount = parseFloat(document.getElementById('loanAmount').value); var interestRate = parseFloat(document.getElementById('interestRate').value)/100/12; var years = parseFloat(document.getElementById('years').value) * 12; // Calculate the monthly payment var x = Math.pow(1 + interestRate, years); var monthlyPayment = (loanAmount*x*interestRate)/(x-1); // Fill up the output field with the calculated payment document.getElementById('monthlyPayment').value = monthlyPayment.toFixed(2); // Fill up the total payment field with total payment document.getElementById('totalPayment').value = (monthlyPayment * years).toFixed(2); } // Automatically calculate on page load window.onload = calculate; Why You Should Use Free Mortgage Loan Calculators When it comes to taking out a mortgage, the most important things you must consider are the loan amount, the interest rate, and your monthly payments. With all of the variables that come into play, it can be very difficult to figure out the best loan for you. That’s why you should use free mortgage loan calculators to make sure you get the best deal. Here, we will discuss why you should use free mortgage loan calculators and how they can help you find the best loan for you. The Benefits of Free Mortgage Loan Calculators There are several benefits of using a free mortgage loan calculator. First, it is a quick and easy way to compare different loan options. You can input the loan amounts, interest rates, and other details into the calculator to find out which loan offers the best deal for you. Secondly, it helps save you time and money. By doing the calculation yourself, you avoid the cost of hiring a professional for the same task. Finally, it can help you make an informed decision and avoid making a major mistake with your loan. How to Use a Free Mortgage Loan Calculator Using a free mortgage loan calculator is actually quite simple. First, you will need to enter information such as the loan amount, interest rate, length of the loan, and any additional costs. Then, the calculator will give you the results for various loan options. Depending on the calculator, it may show you the total loan cost, total interest payment, and the monthly or bi-weekly payment. You can then compare the different loan options to see which one offers the lowest payments and total cost. Getting the Most Out of a Free Mortgage Loan Calculator To get the most out of a free mortgage loan calculator, it's important to know what information to enter. Here are some tips to help you get the most out of the calculator: It's important to enter accurate information in order to get the most accurate results. Check the payment terms, total interest, and loan term for each loan option. This will help you determine which loan offers the best deal. Compare the different loan options and see which one offers the lowest payments and total cost. Consider how much of a down payment you can afford and factor that into the calculator. Think about how long you plan to keep the loan and adjust the loan term accordingly. If you're getting a variable rate loan, use the calculator to determine the effect of different interest rates. Conclusion Using a free mortgage loan calculator is the best way to find the best loan for your needs. By entering accurate information and considering all of the factors involved, you can use a calculator to compare different loans and find the one that offers the most attractive terms. So if you’re considering taking out a loan, don’t hesitate to use a free mortgage loan calculator to get the best deal.