# 120 000 Mortgage Calculator

Managing your finances is crucial, especially when it comes to significant investments like a mortgage. Our 120,000 Mortgage Calculator simplifies the process, allowing you to estimate your monthly mortgage payments with ease.

Formula: The calculator uses the standard formula for calculating a fixed-rate mortgage payment:

�=�⋅�⋅(1+�)�(1+�)�−1M=(1+r)n−1Pr⋅(1+r)n

Where:

• M is the monthly mortgage payment,
• P is the loan amount,
• r is the monthly interest rate (annual rate divided by 12 and converted to a decimal),
• n is the total number of payments (loan term in years multiplied by 12).

How to Use:

1. Enter the loan amount in the “Loan Amount” field.
2. Input the annual interest rate in the “Interest Rate” field.
3. Specify the loan term in years in the “Loan Term” field.
4. Click the “Calculate” button to get your estimated monthly mortgage payment.

Example: Suppose you have a mortgage of \$120,000 with an annual interest rate of 4% and a loan term of 30 years. By entering these values into the calculator and clicking “Calculate,” you’ll find your monthly payment.

FAQs:

1. Q: What is a mortgage calculator? A: A mortgage calculator is a tool that helps individuals estimate their monthly mortgage payments based on factors like loan amount, interest rate, and loan term.
2. Q: How accurate is the calculator? A: The calculator provides a close estimate, but actual payments may vary due to factors like property taxes and insurance.

Conclusion: Our 120,000 Mortgage Calculator empowers you to make informed decisions about your mortgage. Use it to plan your budget and ensure a smooth financial journey in homeownership.