What is a Mortgage Calculator?
Mortgage Calculator is an electronic device or an electronic tool which helps you to determine monthly repayments of a mortgage or loan. By using our free Mortgage Calculator you calculate the number of repayments for the loan which you are willing to take or already taken, the rate of interest. You can determine your eligibility of getting a home loan or any mortgage loan by using our free Mortgage Calculator online.
Mortgage Calculator Uses:
- Our Free Mortgage Calculator helps you to determine the eligibility of getting a home loan or any other mortgage loans, depending on their property value and their annual income.
- Our online Mortgage Calculator enables you to know or determine their monthly EMI which is affordable for you or not.
- Our Online mortgage calculator helps you to check which bank is offering loan at low rate of interest on your own.
Free Mortgage Calculator Online:
How to Use a Mortgage Calculator online in a Easy way?
Our Free online Mortgage calculator is precise, quick and very easy to use and most importantly it is free. Only thing is you should be aware of the Principal amount, rate of interest, and the tenure. All you need to do is enter the respective values in the respective fields.
Simple Procedure for Using a Mortgage Calculator Online:
- Enter the Mortgage amount or Loan amount Total Amount field.
- Enter the repayment or EMI in the Down Payment field.
- Enter the rate of interest in the Interest Rate field.
- Enter the term or duration or period in the Authorization Period field.
- Enter the Payment period or select the payment period from the list of Payment Period Field.
- Now click the Calculate Button.
You can determine the monthly repayment of the mortgage or loan, Bi-weekly repayment or monthly payment of the mortgage or loan, and weekly repayment or monthly payment of the mortgage or loan.
How to Calculate Mortgage Manually?
In olden days before the Mortgage calculator, one used to calculate the Mortgage by using the formula. It is a universal Mortgage formula, you can use the formula to calculate the number of repayments for the loan. For using this formula you can choose the principal amount how much you are willing to take as a loan, depending on the rate of interest and principal amount you can calculate the number of payments and the amount to be paid on every month.
In the above formula, where
M – Is monthly payment.
P – Is Principal amount.
r-Stands for Rate of Interest.
n – Stands for number of payments.
Simple Steps to Calculate the Mortgage Manually by Using Formula:
- Substitute the Mortgage amount or Loan amount which you are willing to take from the Bank in ‘P’.
- Substitute the rate of interest which was prescribed by the Bank in ‘r’.
- Substitute the number of payments or repayments in ‘n’.
- After substituting the Principal amount in ‘P’, rate of interest in ‘r’ and number of payments in ‘n’ in the above formula, you can get the ‘M’ is themonthly payment which you have to pay for the Bank.
What is Mortgage?
Mortgage is an authorized contract between the borrower and the Moneylender. Mortgage is a legal process which authorizes the Moneylender to sell or occupy the property when the borrower fails to fulfill the contract. Mortgage is a process where the Moneylender is secured for the debt which was issued to the borrower.
- Mortgage – A debt between the borrower and the lender.
- Mortgage – A legal contract between the borrower and the Bank.
- Mortgage – A deed between the borrower and the Moneylender.
- Mortgage – A title between the borrower and the Banker.
- Mortgage – A pledge between the borrower and the Loan issuing Company.
- Mortgage – A loan taken from any Bank or Moneylender or Loan Company or any Lender by the anyone.