Mortgage calculator

Get a grip on your finances with our Mortgage Calculator. Quickly figure out your monthly payments, total loan expenses, and the split between principal and interest. Just enter your loan amount, interest rate, and loan duration to access detailed insights into your mortgage. With easy-to-understand charts and a risk evaluation feature, our tool helps you make informed decisions about your mortgage financing.


1%
1 years

Principal Amount: 0.00

Interest Amount: 0.00

Risk Level: 1


Calculation explain:

  1. Loan Amount Input:
    • Users input the amount of money they wish to borrow for their mortgage.
  2. Interest Rate (P.A) Input:
    • Users input the annual interest rate for their mortgage as a percentage.
  3. Loan Duration Input:
    • Users input the duration of the loan in years.
  4. Risk Level Calculation:
    • The interest rate input is used to calculate the risk level.
    • The risk level is determined by dividing the interest rate by 10 and rounding up to the nearest whole number.
    • This ensures that the risk level ranges from 1 to 10.
  5. Monthly Interest Rate Calculation:
    • The annual interest rate is divided by 12 to obtain the monthly interest rate.
  6. Number of Payments Calculation:
    • The loan duration in years is multiplied by 12 to get the total number of payments over the loan term.
  7. Monthly Payment Calculation:
    • The monthly payment is calculated using the formula for an amortizing loan: Monthly Payment=Loan Amount×Monthly Interest Rate1−(1+Monthly Interest Rate)−Number of Payments\text{Monthly Payment} = \frac{{\text{Loan Amount} \times \text{Monthly Interest Rate}}}{{1 – (1 + \text{Monthly Interest Rate})^{-\text{Number of Payments}}}}Monthly Payment=1−(1+Monthly Interest Rate)−Number of PaymentsLoan Amount×Monthly Interest Rate​.
  8. Total Payment Calculation:
    • The total payment over the loan term is calculated by multiplying the monthly payment by the total number of payments.
  9. Total Interest Calculation:
    • The total interest paid over the loan term is calculated by subtracting the loan amount from the total payment.
  10. Color Palette for Risk Levels:
  • A color palette is displayed below the chart, representing the risk levels from 1 to 10.
  • Each color corresponds to a risk level, transitioning from green (low risk) to red (high risk).
  • The risk level calculated is highlighted with a border to indicate the current risk level.

These calculations provide users with valuable insights into their mortgage, including monthly payments, total payments, total interest paid, and an assessment of the associated risk level.

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