Mortgage Calculator Input Your Values Loan Amount: $ Interest Rate: % Period (Years): Start Date: Your Results Monthly Payment: $ Total Payment: $ Total Interest: $ function calculateMortgage() { // Get user inputs let loanAmount = document.getElementById('loanAmount').value; let loanRate = document.getElementById('loanRate').value; let loanPeriod = document.getElementById('loanPeriod').value; let startDate = document.getElementById('startDate').value; // Calculate monthly interest rate let monthlyRate = (loanRate / 100) / 12; let numPayments = loanPeriod * 12; // Calculate monthly payment let x = Math.pow(1 + monthlyRate, numPayments); let monthlyPayment = (loanAmount * x * monthlyRate)/(x - 1); // Calculate total payments and total interest let totalPayment = numPayments * monthlyPayment; let totalInterest = (totalPayment - loanAmount); // Display monthly payment and total payment and total interest to the user document.getElementById('results-monthly-payment').innerText = (Math.round(monthlyPayment * 100) / 100).toFixed(2); document.getElementById('results-total-payment').innerText = (Math.round(totalPayment * 100) / 100).toFixed(2); document.getElementById('results-total-interest').innerText = (Math.round(totalInterest * 100) / 100).toFixed(2); console.log('Total Payment: ' + totalPayment); console.log('Total Interest: ' + totalInterest); } Calculating Your Mortgage Payment with the Help of a Mortgage Calculator When it comes to taking out a mortgage, knowledge is power. That’s why it’s important to understand what you can afford to pay each month on your mortgage payment. Having access to a mortgage calculator can make this process easier. Whether you are a first time homebuyer or a seasoned investor looking for a rental property, using a mortgage calculator can help you save time and money. A mortgage calculator can take some of the guess work out of trying to figure out what your monthly payments will be. To use a mortgage calculator, you will simply enter in your loan information. This would include the purchase price or the current value of your home, the down payment, the type of mortgage (fixed or adjustable), the interest rate, the terms of your loan, and any applicable closing costs. Based on this information, the calculator will then generate an estimate of what your monthly payments could be. Many mortgage calculators will also show you additional information, such as an amortization schedule of your loan. An amortization schedule explains when and how much of each payment goes toward interest and principal. This will help you better understand how your loan works. It will also show how much money you will save over the life of your loan by making additional payments. While a mortgage calculator is a useful tool, keep in mind that it is only an estimate. The calculator cannot factor in all possible scenarios, such as taxes or insurance. These factors will affect the amount of your monthly payments. It is important to speak to a qualified lender to get an accurate picture of what you can afford and what type of loan will work best for you. When searching for mortgage calculators, make sure you look for a calculator that is specifically tailored to your needs. You want to make sure you are putting in the correct data to get an accurate estimate. Also, look for a calculator that gives you different options. By inputting different scenarios, you can see what type of loan would best fit your personal budget. If you are ready to start shopping for a mortgage, having a mortgage calculator is a great way to get a general idea of what your loan payment will be. Take the time to review the different calculators available and make sure you’re using the most up-to-date figures. By doing a little extra homework, you can make sure you get the best loan for you.