Mortgage loan calculator is a useful online tool that helps individuals estimate their monthly’s interest and loan payment and total costs associate with their loan.
It allows individuals to input specific loan parameter like loan amount, interest rate, loan term to get an instant calculation .
- Loan amount : the total amount of money borrowed from the lender
- Interest rate : the annual percentage interest rate charged by the lender
- Loam term : Loan tenure will take to repay the mortgage
- Amortization schedule : a table that shows the breakdown of the amount of principal and interest paid
- Extra payments : how to reduce the total cost and length of loan tenure by lumpsum or addition payments
- Affordable : help users estimate how much they can afford to borrow based on their income, expense and other financial factors.
By using the mortgage loan calculator, potential homebuyers can better understand the financial commitment associate with a mortgage and evaluate scenario base on various amount, interest rate and terms empower for their home purchase and financial planning.