Plan Your Home Loan with Mortgage Calculator

Disclaimer: This is an estimate based on simplified assumptions. Consult a financial advisor for personalized mortgage advice.

Our Mortgage Calculator helps you estimate your monthly mortgage payments, including interest and property taxes. Enter your details to plan your home purchase and visualize loan repayment.

How to Use the Mortgage Calculator

1. Enter the loan amount (e.g., $300,000) for your mortgage.
2. Input the annual interest rate (e.g., 4%) for the loan.
3. Specify the loan term in years (e.g., 30 for a 30-year mortgage).
4. Enter the annual property tax (e.g., $3,000) for the property.
5. Click Calculate Mortgage to view monthly payments and a repayment chart.

The Logic Behind It

The calculator computes the monthly mortgage payment using the formula:
M = P × (r(1 + r)^n) / ((1 + r)^n - 1)
Where:
- M = Monthly Payment (excluding property tax)
- P = Loan Amount
- r = Monthly Interest Rate (Annual Rate / 12)
- n = Number of Monthly Payments (Loan Term × 12)
The monthly property tax is added as Annual Property Tax / 12. Total payment and interest are calculated over the loan term, and the chart shows the declining loan balance.

Benefits of Using the Mortgage Calculator

• Clarity: Understand your monthly mortgage costs, including taxes.
• Planning: Budget for homeownership with accurate payment estimates.
• Insight: See how interest and principal decrease over time.
• Flexibility: Adjust loan terms or rates to compare scenarios.