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+�)�−1*M*=(1+*r*)*n*−1*P*⋅*r*⋅(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:**

- Enter the loan amount in the “Loan Amount” field.
- Input the annual interest rate in the “Interest Rate” field.
- Specify the loan term in years in the “Loan Term” field.
- 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:**

**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.**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.