Mortgage Payment Calculator This web-based calculator allows you to calculate monthly mortgage payments. Loan Amount: Interest Rate: Loan Term: Monthly Payment: function calculatePayment() { // Get the user's input from the form. Assume it is all valid. // Convert interest from a percentage to a decimal, and convert from // an annual rate to a monthly rate. var principal = document.getElementById("loanAmount").value; var interest = document.getElementById("interestRate").value / 100 / 12; var payments = document.getElementById("loanTerm").value * 12; // Now compute the monthly payment figure. var x = Math.pow(1 + interest, payments); var monthly = (principal*x*interest)/(x-1); // Check that the result is a finite number. If so, display the results if (isFinite(monthly)) { document.getElementById("monthlyPayment").value = monthly.toFixed(2); } else { document.getElementById("monthlyPayment").value = ""; } } What Exactly Are Web Mortgage Calculators? Web mortgage calculators are financial tools that allow you to quickly and easily determine how much you can afford to borrow for a home loan. By entering a few pieces of information such as your desired loan amount, loan term, estimated home price, and estimated down payment, you can quickly see how much you will need to pay each month to achieve ownership of a home. How Do Web Mortgage Calculators Work? When you use a web mortgage calculator, the tool does several calculations for you to determine the amount of your loan. It takes into account the interest rate, the amount of your down payment, and various other factors to come up with the resulting loan amount. Additionally, web mortgage calculators may offer other items such as closing cost estimates and loan payment options. Benefits of Using Web Mortgage Calculators Using web mortgage calculators is a great way to get a better understanding of how much you can afford to borrow, and how much your monthly payments may be. Additionally, it can help you to narrow down which mortgage options might be the best fit for you. For example, if you find that you are unable to pay the monthly payments associated with a 30-year fixed-rate loan, you may want to look into an adjustable-rate mortgage (ARM) which has a lower interest rate but a higher risk of increasing payments. Finding the Right Web Mortgage Calculator There are many web mortgage calculators available on the web, and it can be difficult to decide which one to use. It’s important to make sure the web mortgage calculator you choose is accurate. You can usually find this information by reading reviews or by doing a few calculations using the calculator to compare the results with other lenders’ offerings. Additionally, you should also verify that the calculator is up-to-date and takes recent market conditions into account. Types of Web Mortgage Calculators Web mortgage calculators can also be categorized based on the type of loan you are interested in. For example, if you are looking for a debt consolidation loan, there are specific calculators designed for that purpose. On the other hand, if you are looking for a home loan, there are calculators dedicated to calculating home loan amounts. Additionally, there are calculators for calculating mortgages with different amortization terms. Using a Web Mortgage Calculator to Evaluate Your Options Using web mortgage calculators can be an invaluable tool in understanding your loan options. It can give you an idea of what type of loan will suit you best, as well as what payment amounts you may be able to afford. Additionally, web mortgage calculators can help you compare different loan options side by side, so that you can determine which one makes the most sense based on your individual needs. Why You Should Use a Web Mortgage Calculator Using web mortgage calculators can be a great way to hone in on the loan that is best for you. Additionally, it can save you significant time and money by allowing you to get a general idea of what mortgage offers are available and how much you can expect to pay for them. For this reason, it’s important to consider using a web mortgage calculator when you are searching for the best home loan.