Mortgage Calculator Disclaimer: This calculator is for informational purposes only. It is not an offer of credit. Principal: Interest Rate (%): Loan Period (Years): Monthly Payment: Total Payment: \ function calculateMortgage(){ // Get Mortgage values from the form var Principal = parseFloat(document.mortgageForm.principal.value); var InterestRate = parseFloat(document.mortgageForm.interestRate.value); var LoanPeriod = parseFloat(document.mortgageForm.loanPeriod.value); // Calculate Monthly Payment and Total Payment var i = InterestRate / 100 / 12; var n = LoanPeriod * 12; var m = Principal * i * (Math.pow((1 + i), n)) / (Math.pow((1 + i), n) -1); var p = m * n; document.mortgageForm.monthlyPayment.value = m.toFixed(2); document.mortgageForm.totalPayment.value = p.toFixed(2); } What is a Mortgage Calculator? A mortgage calculator is an online tool used by both prospective homeowners and those who already own a home to compare different mortgage options. It allows users to view estimated monthly payments, interest rates, and other important information about different types of loans. Mortgage calculators can help potential homebuyers figure out what the total cost of a loan will be. They can also assist existing homeowners in deciding which type of mortgage best fits their specific financial needs. With Bankrate's mortgage calculator, users can quickly get an estimate of their monthly payments and more. What Benefits Do Mortgage Calculators Offer? Mortgage calculators can benefit both potential homebuyers and existing homeowners. For potential buyers, they allow them to get a rough estimate of what their monthly payments and interest rates may be based on their budget and loan amount requested. It can also enable them to view different types of mortgages side-by-side and compare which one best fits their financial needs. Existing homeowners can use a mortgage calculator to determine the best refinancing option for them, whether they are looking to lower their monthly payments, shorten or lengthen their loan term, or switch from an adjustable-rate to a fixed-rate mortgage. How Does Bankrate's Mortgage Calculator Work? Bankrate's mortgage calculator is simple and straightforward to use. Once the user enters their loan amount, they can select different loan terms ranging from 10 to 30 years. They can also select which type of products they want to compare, such as conventional, adjustable-rate, or jumbo loans. Finally, the user can enter their estimated credit score and estimated closing costs. Once they click the "Calculate" button, the calculator will generate estimated monthly payments, interest rates, and more. Other Important Details to Consider When Using Bankrate's Mortgage Calculator When using Bankrate's mortgage calculator, it's important to remember that it is only an estimate. The user's actual interest rate and monthly payments may be lower or higher depending on various factors, such as their credit score and the type of loan they choose. Additionally, the calculator does not take into account the taxes or insurance which will be required for the loan. It's important to consider these additional costs when determining the total cost of the loan. Conclusion Mortgage calculators are invaluable resources for potential homebuyers and existing homeowners. They enable users to quickly compare different loan options and view key information such as estimated monthly payments and interest rates. Bankrate's mortgage calculator is a great resource for those looking to get a general idea of what their loan will cost. As with any online tool, it is important to remember that it provides only an estimate and not an official quote. Additionally, other costs such as taxes and insurance should be taken into account when determining the total costs of a loan.