US Mortgage Calculator Use this calculator to help you estimate the monthly payments on a US home mortgage. Check the "Fixed Term" box to calculate the payment for a fixed term or check the "Maximum Term" box to calculate the maximum allowable term. Purchase Price: Down Payment: Interest Rate: Fixed Term: Maximum Term: Monthly Payment: function calculateMortgage() { // Get the user inputs var purchasePrice = document.getElementById('purchasePrice').value; var downPayment = document.getElementById('downPayment').value; var interestRate = document.getElementById('interestRate').value; var fixedTermActive = document.getElementById('fixedTerm').checked; var maxTermActive = document.getElementById('maximumTerm').checked; // Calculate the monthly payment var principal = purchasePrice - downPayment; var term = 0; var rate = interestRate/100/12; if (fixedTermActive) { term = fixedTermActive; // Assume fixed term is in months } else if (maxTermActive) { // Use max term based on interest rate term = Math.log(1+ rate * principial /( rate * principal - maxTermActive))/(Math.log(1+ rate)) } else { // Error - no term chosen alert("Please choose either Fixed Term or Maximum Term."); } // Compute the total monthly payment var totalPayment = principal * term; // Show the results in the monthly payment div document.getElementById('monthlyPayment').innerText = "Monthly Payment: " + totalPayment.toFixed(2); } A Guide to US Mortgage Calculators Considering a mortgage? It may sound intimidating, but having the right tools can simplify the process and help you make an informed decision. US mortgage calculators are a great way to start—they’ll help you calculate the expected monthly payments and find the best loan option for your needs. In this guide, we’ll explain how to use these calculators, the different types available, and the advantages of having an online calculator at your disposal. Keep reading to learn more. What Is a Mortgage Calculator? A mortgage calculator is an online tool that potential homebuyers can use to estimate their monthly payments. The calculator uses the loan amount, the interest rate, and the loan term to determine the estimate. Generally, the results include the projected principal and interest payments, as well as taxes and insurance Most mortgage calculators also let you compare different loan terms to see how different payments would affect your total cost, amount of interest paid, and length of repayment. This way you can make sure you're getting the best deal possible. Different Types of US Mortgage Calculators There are a few different types of mortgage calculators that can help you make an informed choice when selecting a loan. Let’s take a look at a few of the most popular. Mortgage Repayment Calculator This type of mortgage calculator can help you decide how much to take out for a loan and shows you the expected monthly payments. It also gives you a projected total cost of the loan based on the interest rate. Fixed-Rate Mortgage Calculator This calculator is used to calculate the total cost of a fixed-rate mortgage loan. It provides an estimate of the total cost of the loan, based on the loan amount and the interest rate. Adjustable-Rate Mortgage Calculator This calculator helps you figure out the potential costs of an adjustable-rate mortgage. It provides an estimate of the total cost of the loan, based on the loan amount and the initial interest rate. Reverse Mortgage Calculator This type of calculator helps you figure out the potential costs of a reverse mortgage. It provides an estimate of the total cost of the loan, based on the loan amount and the initial interest rate. The Benefits of Having an Online Mortgage Calculator Using a mortgage calculator is a great way to make an informed decision when it comes to taking out a loan. Here are a few benefits of having an online calculator at your disposal. Ease of Access Online calculators are extremely easy to access—all you need is an internet connection. This makes them the ideal solution for busy people who don’t have time to meet with a professional lender. Accuracy Online calculators are generally very accurate, as they run on complex algorithms. This means you can trust the results and make an informed decision when it comes to selecting a loan. Affordability and Flexibility The best part about using online calculators is that they’re completely free. This means you’ll save money in the long run while also being able to compare different loan terms and find the best option for your situation. How to Use a US Mortgage Calculator Using a mortgage calculator is a simple process. All you have to do is enter the loan amount, the interest rate, and the loan term. Most calculators will give you an estimated monthly payment, as well as the total cost of the loan. It’s also important to note that some calculators may also require additional information, such as the estimated property insurance and taxes. If this is the case, make sure to include that information in order to get the most accurate result. Finally, if you’re trying to compare different loan terms, make sure to enter the same data for each calculation. This way, you’ll get the most accurate comparison. Conclusion US mortgage calculators are a great tool for potential homebuyers. They can help you estimate the monthly payments and total cost of a loan and compare different loan terms. Just make sure to enter the same data for any comparison calculations to get the most accurate result. Now that you have a better understanding of US mortgage calculators, you’re ready to start comparing different loan terms using online calculators. Good luck and happy house hunting!