Mortgage Calculator Home Price: Down Payment: Interest Rate: Number of Years: function calculateMortgage(){ let price = document.getElementsByName("price")[0].value; let down = document.getElementsByName("down")[0].value; let interest = document.getElementsByName("interest")[0].value; let years = document.getElementsByName("years")[0].value; let si = (price - down) * (interest/100) * Math.pow((1+interest/100), years) / (Math.pow((1+interest/100), years) - 1); let result = `<h3>Monthly Payment: $${si.toFixed(2)}<h3>`; document.getElementById("result").innerHTML = result; } Mortgage Calculators: How Much Can I Afford? Mortgage calculators are one of the most widely used and beneficial tools for borrowers who are looking to purchase a home. As mortgage calculators have become easier to use and available on a plethora of websites, it's easier than ever to determine how much home you can actually afford. Of course, mortgage calculators—while incredibly useful—should be used as a preliminary guide to start the process of purchasing a home, as there are multiple factors that these calculators may not take into account. In order to fully understand what one can afford in terms of home purchase, it is important to seek out advice from experts who have experience in this field. When looking to buy a home, it is important to understand your financial situation and determine the right mortgage amount. Affordability calculators can help give you an indication of what you can afford when it comes to monthly payments. This gives you an idea of how much of a mortgage you can comfortably handle, though it is important to consider the full cost of the house, including real estate taxes, furniture, and more when making an estimate. When talking to the loan officer, it is important to ask questions about the different types of loans available and the pro and cons of each. The two most common types of loans are fixed-rate and adjustable-rate mortgages. A fixed-rate mortgage provides consistent payments with no uncertain future costs, giving more stability in the cost of the loan. An adjustable-rate mortgage, however, could potentially work out in your favor as rates could go down, while on the other hand rates could also shoot up, providing an unwelcome and unexpected burden. When entering information into the mortgage calculator, it is important to fill in as accurate figures as possible in order to get an accurate estimate of what you can afford. Besides income, it is important to consider other costs such as car loans, loans, and credit cards. Credit history is also important when it comes to determining affordability, so it is essential to pay close attention to your credit record prior to applying for a loan. Mortgage calculators can be useful, but it should be noted that they do not necessarily tell the full story. It is important to remember your full financial picture and to consider the full costs of home ownership before making a purchasing decision. There are a variety of other details to consider when buying a home such as quoting, down payment, mortgage insurance and closing costs. It is helpful to speak to an expert in the industry to gain an understanding of what could affect your mortgage rate and the total cost of the mortgage. When preparing to buy a home it is important to consider all aspects that may affect your purchase. The most important part of determining how much you can afford is understanding your income, expenses, and financial record. Using a mortgage calculator is a great preliminary tool to help you get on the right track, but it should not be used as a sole guide to determine the maximum amount that one can spend on a home. Speaking to experienced loan officers and financial advisors can help you make sound financial decisions and provide you with estimated monthly payments.