Free Online Mortgage Calculator Loan Amount: Interest Rate (%): Loan Term (# of years): Monthly Payment: function calculatePayments() { //get the loan amount var principal = document.getElementById("loanAmount").value; //get the interest rate var interest = document.getElementById("interestRate").value; //convert interest from a percentage to a decimal interest = interest / 100; //get the number of years for the loan var payments = document.getElementById("loanTerm").value; //calculate the monthly payment var x = Math.pow(1 + interest, payments); var monthly = (principal*x*interest)/(x-1); //check that the monthly payment is a finite number if (isFinite(monthly)) { //display the results document.getElementById("monthlyPayment").innerHTML = monthly.toFixed(2); } else { //show an error message document.getElementById("monthlyPayment").innerHTML = "Please enter a valid number."; } } The Benefits of Free Online Mortgage Calculators Are you considering taking out a mortgage to purchase a home? Before you submit an application, it’s important to know what to expect from the loan process and how much you’ll be paying each month. One of the most convenient and helpful tools in the loan process is a free online mortgage calculator. Taking the time to understand how a mortgage calculator works and the benefits of using one will help you make a more informed decision about your loan options. How A Mortgage Calculator Works Mortgage calculators are designed to help you estimate your future payments when you take out a mortgage. All you have to do is enter your loan amount, interest rate, and term length. The calculator will then give you an estimated monthly payment for your loan. You can also use a mortgage calculator to determine your total loan payoff by entering the current balance and your interest rate. This will give you an estimate of how long it will take you to pay off the loan and how much you’ll pay in interest. Benefits of Using A Mortgage Calculator Using a mortgage calculator is beneficial for a variety of reasons. For starters, a calculator can help you determine how much your monthly payments will be so you can ensure you are comfortable with the amount. This will also help you get an idea of a budget so you know what you can comfortably afford when purchasing a home. In addition to this, a mortgage calculator can also help you compare loan terms and interest rates and decide which option is best for you. Conclusion When it comes to taking out a mortgage, it is important to be well informed and know what to expect. Thankfully, free online mortgage calculators make it easy to get an accurate estimate of your monthly payments and total loan payoff. Taking the time to understand how a mortgage calculator works and the benefits of using one will help you make a more informed decision about your loan options.