Mortgage Calculator

Mortgage Concept

Definitions - Mortgage

Mortgage

Mortgage can be called as a debt instrument. That is there is an obligation for burrowers to pay back payments which is predetermined [1].

Mortgage Amount

This is the amount you will pay for some years. For instance, this value can be the value of the home which you want to buy.

Down Payment

Down payment is defined as an initial payment while you are buying something on credit.

Loan Term

This is the number of months or years you will be paying the loan [2].

Annual Interest Rate

This is the annual interest rate of mortgage loan.

Mortgage Calculator - Example

Suppose we have a $200000 mortgage loan, and suppose it has the following properties:

Mortgage Amount = $200000

Down Payment = $20000

Loan Term = 15 years ( number of years you will pay loan) or 180 months

Annual interest = 6%

Then your estimated monthly payment = $1518.942

References

1. Mortgage. (n.d.). Retrieved from http://www.investopedia.com/ terms/m/mortgage.asp

2. (n.d.). Retrieved from http://www.wikihow.com/ Calculate-Mortgage-Payments