Mortgage Calculator
Monthly Payment:
Amortization Schedule
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A mortgage is a type of loan used to purchase a home or property. When you take a mortgage, you borrow money from a bank or lender and agree to repay it over a set period, usually 15 to 30 years, through monthly payments. These payments typically cover both the principal (the amount borrowed) and the interest (the cost of borrowing).
Mortgages are essential for most homebuyers because they allow you to buy a house without paying the full price upfront.
A Mortgage Calculator helps you estimate your monthly loan payments based on key factors like:
By adjusting these values, you can understand how much house you can afford, compare loan options, and plan your finances better before committing to a mortgage.
Yes, the calculator works for all types of mortgages, including residential, commercial, and refinancing loans.
The results provide a close estimate. However, actual payments may vary based on lender fees, insurance, and taxes.
A small change in interest rates can significantly affect your monthly payment and total loan cost over time.
Currently, the calculator focuses on standard payments. Future updates will include prepayment and lump sum options.