# Housing loan mortgage calculator

# Housing loan mortgage calculator

A housing loan mortgage calculator is a tool that helps you estimate your monthly mortgage payment based on the loan amount, interest rate, and other factors. Here’s how to use it:

**Enter the loan amount:**This is the total amount of money you are borrowing to buy the house.**Enter the interest rate:**This is the percentage rate at which interest will be charged on the loan.**Enter the loan term:**This is the number of years over which you will pay back the loan.**Enter the start date:**This is the date when your first payment is due.**Enter the monthly payment:**If you have a specific monthly payment amount in mind, you can enter it here to calculate the corresponding loan amount.- Click on the “Calculate” button to get your results.

The calculator will provide you with your monthly mortgage payment, which includes both principal and interest. It will also show you how much interest you will pay over the life of the loan and the total amount you will pay back. This can help you decide whether you can afford the mortgage and how much you can afford to borrow.

### A housing loan mortgage calculator can be used to calculate the monthly payment amount, the total payment amount, and the total interest to be paid on a housing loan.

Here are the steps to calculate these values:

- Determine the loan amount, interest rate, and loan term:
- Loan amount: the total amount of money borrowed from the lender
- Interest rate: the rate at which interest is charged on the loan amount
- Loan term: the number of years over which the loan will be repaid

**Calculate the monthly interest rate:**- The monthly interest rate is calculated by dividing the annual interest rate by 12

`Monthly interest rate = Annual interest rate / 12`

**Calculate the number of monthly payments:**- The number of monthly payments is calculated by multiplying the loan term (in years) by 12

`Number of monthly payments = Loan term x 12`

**Calculate the monthly payment amount using the following formula:**`Monthly payment amount = P * (r * (1 + r)^n) / ((1 + r)^n - 1)`

where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments

**Calculate the total payment amount by multiplying the monthly payment amount by the number of monthly payments:**`Total payment amount = Monthly payment amount x Number of monthly payments`

**Calculate the total interest to be paid by subtracting the loan amount from the total payment amount:**`Total interest = Total payment amount - Loan amount`

These steps can be used to calculate the monthly payment amount, the total payment amount, and the total interest to be paid on a housing loan using a calculator.