How to Use Mortgage Calculator:

• Input the total loan amount, down payment, interest rate, and mortgage period into the respective fields.
• Click the “Calculate” button to generate results.
• View the outputs, including:
  • Principal loan amount.
  • Monthly mortgage payment.
  • Total balance payable with interest.
  • Total cost including down payment.
  • Amortization schedule and bar chart for payment breakdown.
• Use the results to understand and plan your mortgage effectively.

2. What is a Mortgage Calculator:

• A financial tool that calculates loan repayment details based on key inputs like loan amount, interest rate, and loan tenure.
• Provides a breakdown of monthly payments, total interest payable, and the overall cost of the mortgage.
• Includes an amortization schedule, showing the split between principal and interest over time.

3. Significance of Mortgage Calculator:

• Financial Planning: Helps users evaluate affordability by calculating monthly payments and total loan costs.
• Decision-Making: Allows borrowers to compare loan options and choose the most suitable one.
• Transparency: Breaks down payments into principal and interest, making repayment plans easier to understand.
• Budgeting: Assists in integrating mortgage payments into household budgets.

4. Uses of Mortgage Calculator:

• Homebuyers: Determine the affordability of a property and plan loan repayment.
• Loan Comparison: Compare mortgage offers based on interest rates and loan terms.
• Early Repayment Planning: Evaluate the impact of additional payments on reducing the loan term and interest.
• Financial Advisors: Provide clients with detailed repayment schedules and cost analysis.