Mortgage Calculator
1. What is a mortgage calculator?
A mortgage calculator is a tool that helps you estimate your monthly home loan payments, including principal and interest, based on the loan amount, interest rate, and tenure.
2. How do I use a mortgage calculator?
To use the calculator, enter the loan amount, annual interest rate, and loan tenure (in years or months). Click calculate to see your monthly payment and total interest.
3. Can a mortgage calculator show the total interest paid?
Yes, most mortgage calculators display both your monthly payment and the total interest you will pay over the life of the loan.
4. Does the mortgage calculator include taxes and insurance?
Some advanced calculators include property taxes, insurance, and other fees, but basic calculators only calculate principal and interest.
5. Why should I use a mortgage calculator before applying for a home loan?
Using a mortgage calculator helps you plan your budget, understand your loan affordability, and choose the best loan amount and tenure before applying for a mortgage.