mortgage payment calculator
How the mortgage payment calculator Works:
- Users provide the loan amount, interest rate, and term of their loan.
- JavaScript code figures out the mortgage and provides the monthly mortgage payment based on the fixed-rate mortgage formula.
- Result Display: The monthly payment as figured is displayed.
Formula Used for mortgage payment calculator :
The formula to calculate the monthly mortgage payment is:
Where:
Monthly payment: A month's payment
rr = annual rate divided by 12
nn = number of payments, years of loan term times 12.
Notes:
This calculator presumes a fixedrate mortgage.
Normally part of a complete monthly mortgage payment are property taxes, insurance, or other expenses but not here.
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