Free Mortgage Payment Calculator Enter the loan information below to calculate your monthly mortgage payment. Mortgage Amount: Interest Rate: % Loan Term: years Calculate Payment Your mortgage payment: function calculatePayment() { // Calculate mortgage payment formula. //M = P [ i(1 + i)n ] / [ (1 + i)n - 1] let M = 0; let P = document.getElementById("mortgage-amount").value; let i = document.getElementById("interest-rate").value / 100; let n = document.getElementById("loan-term").value * 12; i = (i / 12); n = Math.pow ((1 + i), n); M = P * ((i * n) / (n - 1)); // round the output to 2 decimal places M = Math.round (M * 100) / 100; //output the resulting mortgage payment to the page document.getElementById("payment-amount").innerHTML = "$" + M.toFixed(2); } What Is A Mortgage Payment Calculator? A mortgage payment calculator is an online tool used by individuals to help plan their home loan budget. It allows a person to quickly and accurately measure the amount of money required for the monthly payment of a mortgage. By doing this, a home buyer can accurately estimate the amount of money they need to take out in mortgage loans while also considering the needs of their current and future financial situation. Using A Mortgage Payment Calculator Using a mortgage payment calculator is quite easy. Your first step is to input the amount of money that you would like to borrow and the term of the loan, expressed in years. Once you have entered this information, you will be asked to estimate the interest rate that you expect to pay, as well as the amount of home insurance and other various fees that you expect to pay on the loan. The mortgage payment calculator then gives you a monthly estimate for the loan repayment amount, including both principal and interest payments. This allows individuals to compare their estimated payments with what they could have paid on a conventional loan product. Additionally, the calculator will take into account the amount of money that would be required to cover taxes and other necessary costs associated with the loan. Advantages of Using a Mortgage Payment Calculator The most significant advantage of using a mortgage payment calculator is that it helps individuals plan out their home loan payments more effectively. By inputting the information into the calculator, individuals can get a good idea of the monthly payment amounts that would work best for their budget. In addition, the calculator can help reconcile the amount of money that the individual currently has for a down payment on the purchase of a house. Moreover, individuals can use the mortgage payment calculator to compare the differences between loan products. For instance, a person can compare the monthly interest payments between an adjustable rate mortgage and a fixed rate mortgage. Also, some calculators allow users to input the various fees associated with the loan, such as application fees and closing costs. Finally, the mortgage payment calculator helps individuals plan out their estimated tax deductions. Where To Find Free Mortgage Payment Calculators If you are looking for free mortgage payment calculators, then one of the best resources you can look to is the Internet. Almost all major mortgage lenders and banks who offer mortgages have online mortgage payment calculators. Additionally, there are many websites that specialize in providing free mortgage calculators to the general public. These websites provide users with a range of calculators including fixed rate, adjustable rate, jumbo loan and reverse mortgage calculators. Another great source that you can look to for free mortgage payment calculators is a credible financial institution. Many banks and mortgage companies provide these calculators for free on their websites. Additionally, some financial advisors may be able to recommend a reliable calculator to you as well. Conclusion A mortgage payment calculator is a helpful tool to have in your home loan arsenal. Using this calculator, you can accurately estimate the amount of money that you need to take out in mortgage loans while keeping your budget in line. Additionally, you can use this calculator to compare different loan products and figure out the amounts of taxes and other fees that you need to expect. Free mortgage payment calculators can be found online and from credible financial institutions.