as it is not allowed. Mortgage Payment Calculator Loan Amount: Loan Term (in years): Interest Rate: function calculateResults() { // Read input values var loanAmount = document.querySelector("[name=loanAmount]").value; var loanTerm = document.querySelector("[name=loanTerm]").value; var interestRate = document.querySelector("[name=interestRate]").value; // Calculate results payment = parseFloat(loanAmount) * (parseFloat(interestRate) * 0.01) / (1 - Math.pow((1 + (parseFloat(interestRate) * 0.01)), -parseFloat(loanTerm))); totalCost = payment * loanTerm; // Display results document.getElementById('results').innerHTML = '<h3>Results</h3>' document.getElementById('results').innerHTML += 'Monthly Payment: $' + payment.toFixed(2) + '<br />'; document.getElementById('results').innerHTML += 'Total Cost of Loan: $' + totalCost.toFixed(2); } Understanding Mortgage Payments Mortgages are loans taken out to purchase major assets such as real estate. They can also be used to pay for renovations or business expenses. Whether you are buying a house, commercial building, or another asset, mortgages are the primary way these purchases are financed. Estimating your monthly payments is an important part of considering any mortgage. Mortgage Payments Calculators For potential homeowners considering a mortgage, a mortgage payment calculator can provide key insight into what the prospective payments may be for a given loan. By taking into account key loan aspects such as the loan amount, interest rate, and loan term, borrowers can get a good idea of what their payments may be moving forward. This is a great initial step for potential borrowers looking to consider this type of loan. Different Mortgage Calculators There are many different mortgage payment calculators available. Most of them are based either on the version of the formula used by banks or another that uses the amortization table method. Both methods involve taking the current loan amount, interest rate, and loan term into account when calculating payments. Depending on which calculator is used, borrowers may also be able to enter loan origination fees or taxes into calculations for a complete picture of what the loan may cost. Additional Features of Mortgage Calculators Many mortgage payment calculators include additional features which can be used to investigate future scenarios. One of the most popular additions is the ability to change the interest rate. This can help borrowers consider what a loan at a higher or lower interest rate may look like in terms of payments over the life of the loan. Other features may include the ability to make additional payments at any given point in time which could be simulated in order to change the total interest paid over the life of the loan. Using Mortgage Calculators Mortgage payment calculators are a great way to initially estimate monthly payments and explore different loan scenarios. These calculators consider the basic aspects of the loan such as loan amount, interest rate, and loan term. They do not take into account additional items such as insurance, taxes, or fees which may be included in the loan when taking possession of the property. Borrowers should also keep in mind that these calculations are just estimates as all lenders may have different ways of calculating payments. It is important for a potential borrower to do their due diligence before taking out a loan.