Plan your home loan with our Mortgage Calculator. Input your mortgage amount, interest rate, and tenure to get detailed insights into your monthly payments, total interest, and amortization schedule – created by Mr. Dhananjoy Ghosh.
What is a mortgage payment?
A mortgage payment is the monthly amount you pay to repay a home loan, including principal and interest.
How is the mortgage payment calculated?
It’s calculated using the formula: P = [M x R x (1+R)^N] / [(1+R)^N - 1], where M is the mortgage amount, R is the monthly interest rate, and N is the number of months.
What’s an amortization schedule?
It’s a table showing the breakdown of each payment into principal and interest, along with the remaining balance.
Can I use this for adjustable-rate mortgages?
This calculator assumes a fixed-rate mortgage. For adjustable rates, results may vary.
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