Mortgage Calculator
Calculate mortgage on your finger tips using above tool. You don’t need any rocket science knowledge to calculate mortgage. We help you to calculate within one second.
What is mortgage?
Mortgage is a type of loan specially used to purchase real estate. In this type of loan, buyers borrows money from bank to buy a home and, the property itself serve as the collateral for the loan.
Follow below step to calculate mortgage loan.
How do I use Mortgage calculator?
Firstly, Go to the above tool and enter your loan amount, interest rate and loan terms (in years).
Then, Click on “Calculate” button.
After calculation your result will be display within one second in the form of Monthly Payment, Total Interest and Total Payable Amount.
Advantages
Eazy to Use.
Don’t Need to Install any Software.
Free to Use.
How Mortgages Work?
1. Loan Agreement
When you take out mortgage, You borrow money from bank for home. In returns you agree with bank to repay [loan amount + interest rate] over specified period.
2. Secured Loan
A mortgage is secured by property itself. It means if you fail to repay the bank amount. they can take ownership to recover their losses.
3. Principal and Interest
Principal amount is loan amount while interest is cost of borrowing the money.
4. Amortization
Mortages often amortized over period of time like 10 to 30 Years (According to Bank). It means you can repay their money that period of time.