Loan Calculator
How to Use the Loan Calculator :
Enter the Loan Amount:
Input the total mortgage amount you plan to borrow. This is typically the home price minus any down payment you intend to make.
Enter the Amortization:
Specify the length of time (in years) over which you plan to repay the mortgage. Common terms include 15 or 30 years.
Enter the Interest Rate:
Type in the annual interest rate your lender offers. This rate determines the interest portion of your monthly payments.
Click “Calculate”:
After filling in all the fields, click the Calculate button. The calculator will show your estimated monthly mortgage payment, including principal and interest.
Results Explained:
Monthly Installment:
This is a fixed payment amount made by a borrower to a lender at a specified date each calendar month.
Total Repayment:
This is an approximate amount you’ll pay your lender over the length of the loan.
Total Interest Paid:
This represents the total interest you will pay over the entire amortization It can give you a clear picture of the cost of borrowing the loan over time.
Additional Tips:
Adjust and Experiment:
Feel free to adjust the loan amount, interest rate, or amortization to see how each factor affects your monthly payment. This is a great way to plan your budget and understand the financial commitment of different mortgage options.
Understand Your Results:
The calculator helps you estimate your monthly mortgage payments, giving you an idea of how much home you can afford based on your budget.