Mortgage Calculator
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Mortgage Summary
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Monthly Payment
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Total Interest
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Total Cost
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Payoff Date
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About the Mortgage Calculator
Our Mortgage Calculator helps you estimate your monthly mortgage payments, total interest costs, and provides a detailed amortization schedule.
Key Features
- Accurate Payment Calculation: Calculates principal and interest payments
- Amortization Schedule: Shows how each payment is applied over the loan term
- Total Cost Analysis: Shows the full cost of your mortgage including interest
- Loan Comparison: Compare different loan terms and interest rates
How It Works
The calculator uses the standard mortgage formula to determine your monthly payment:
M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1]
Where:
M = Monthly payment
P = Loan amount
i = Monthly interest rate (annual rate ÷ 12)
n = Number of payments (loan term in years × 12)
Where:
M = Monthly payment
P = Loan amount
i = Monthly interest rate (annual rate ÷ 12)
n = Number of payments (loan term in years × 12)
Who Uses This Tool?
Home Buyers: Estimate affordability and compare loan options.
Homeowners: Evaluate refinancing options.
Real Estate Professionals: Provide clients with payment estimates.
Financial Planners: Help clients with home financing decisions.