Simple Mortgage Loan Calculator Script

Loan Amount: Interest Rates: Term(Years): Results: Monthly Payment(EMI): Monthly Average Interest: Monthly Interest:

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Home Mortgage Calculator, Mortgage Rate Calculator, Mortgage Interest Calculator, Interest Only Mortgage Calculator

Home Mortgage Calculator

Sure, here is an example of a Home Mortgage Calculator:

Determine your principal loan amount, interest rate, and loan term (in years).

Calculate your monthly mortgage payment using the formula:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

where:

M = monthly mortgage payment

P = principal loan amount

i = interest rate (monthly)

n = loan term (in months)

Multiply the monthly mortgage payment by the number of payments to get the total cost of the mortgage.

For example:

Principal loan amount: Rs. 1,000,000

Interest rate: 5% per annum

Loan term: 20 years

Step 1: Calculate monthly interest rate

5% per annum = 5/12% per month

Monthly interest rate = 0.05/12 = 0.004167

Step 2: Calculate monthly mortgage payment

n = 20 years x 12 months/year = 240 months

M = 1,000,000 x [0.004167(1 + 0.004167)^240] / [(1 + 0.004167)^240 – 1]

M = 6,719.55

Step 3: Calculate total cost of mortgage

Total cost = 6,719.55 x 240 = Rs. 1,612,692

In this example, the monthly mortgage payment is Rs. 6,719.55 and the total cost of the mortgage over 20 years is Rs. 1,612,692.

Alternatively, you can use online home mortgage calculators offered by banks or financial institutions. 

These calculators typically require you to enter information such as your loan amount, interest rate, loan term, and down payment, and provide you with an estimate of your monthly payments and total cost of the mortgage.

Mortgage Interest Calculator

A mortgage interest calculator is a tool that helps calculate the total amount of interest paid over the life of a mortgage. It takes into account the loan amount, interest rate, and loan term to determine the total interest paid.

To use a mortgage interest calculator, you will typically need to input the following information:

Loan Amount 

The total amount of the loan you are taking out to purchase your home.

Interest Rate 

The percentage rate at which you will be charged interest on your mortgage loan.

Loan Term 

The length of time over which you will be making payments on your mortgage.

Once you input this information into the calculator, it will generate the total amount of interest you will pay over the life of the loan. 

This can be helpful when comparing different mortgage offers to determine which one is the best fit for your financial situation.

It's important to note that the interest rate you are offered can be influenced by a variety of factors, including your credit score, down payment, and the current state of the housing market. 

As such, the interest rate calculated by a mortgage interest calculator should be used as a rough estimate and not taken as a definitive offer.

Benefits of Mortgage Interest Calculator

There are several benefits of using a mortgage interest calculator:

Helps you Plan your Budget 

By using a mortgage interest calculator, you can determine how much your monthly payments will be for the life of the loan, including the total amount of interest you will pay. This can help you plan your budget more effectively and make informed decisions about your home purchase.

Compares Different Loan Options 

A mortgage interest calculator allows you to input different loan amounts, interest rates, and loan terms, giving you an easy way to compare different loan options and choose the one that best fits your financial situation.

Saves Time 

A mortgage interest calculator can quickly calculate the total amount of interest you will pay over the life of the loan, saving you time and effort that would otherwise be spent manually calculating this information.

Helps you Make Correct Decisions 

Knowing the total amount of interest you will pay over the life of the loan can help you make more informed decisions about your home purchase and ensure that you choose a loan that is financially sustainable for you in the long run.

Overall, a mortgage interest calculator is a useful tool for anyone looking to purchase a home and take out a mortgage loan. It can help you make informed decisions, save time, and plan your budget more effectively.