Calculating mortgage payments can be a complex task, especially when dealing with large sums of money. This article presents a straightforward HTML and JavaScript solution for a Mortgage Calculator. With just a few inputs, users can quickly estimate their monthly mortgage payments.

**Formula:** The mortgage formula used in this calculator takes into account the loan amount, interest rate, and loan term. It utilizes the formula:

�=��(1+�)�(1+�)�−1*M*=*P*(1+*r*)*n*−1*r*(1+*r*)*n*

Where:

- �
*M*is the monthly 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 see the estimated monthly mortgage payment.

**Example:** For instance, if you have a $75,000 mortgage with a 4% annual interest rate and a 30-year loan term, the calculator will provide the monthly payment.

**FAQs:**

*Q: How accurate is this calculator?*A: The calculator provides a close estimate, but actual payments may vary based on additional factors.*Q: Can I use this calculator for other types of loans?*A: While designed for mortgages, it can be adapted for other loans with fixed interest rates.*Q: What if I have an adjustable-rate mortgage?*A: This calculator assumes a fixed interest rate. Adjustments are needed for variable rates.

**Conclusion:** The 75,000 Mortgage Calculator simplifies the process of estimating monthly mortgage payments. While it offers a quick and convenient solution, users should consult with financial experts for precise calculations based on their specific situations. Understanding your mortgage payments is crucial for effective financial planning.