Home Loan Calculator 2021
Home Loan Calculator 2021
Calculate your potential mortgage payment and see how much you can afford for your home loan in 2021.
Not calculated yet.
Loan Amount: ${formatCurrency(loanAmount)}
Interest Rate: ${(interestRate * 12 * 100).toFixed(2)}%
Loan Term: ${loanTerm / 12} years
`; homeLoanSteps += `Formula:
Monthly Payment = Loan Amount × Interest Rate / (1 – (1 + Interest Rate)^-Loan Term)
`; homeLoanSteps += `Results:
Monthly Payment: ${formatCurrency(monthlyPayment)}
`; if(document.getElementById(“calculationStepsHomeLoan”).style.display === “block”){ document.getElementById(“calculationStepsHomeLoan”).innerHTML = homeLoanSteps; } } function resetHomeLoan(){ document.querySelectorAll(“#home-loan-calculator-form input”).forEach(el => el.value = “”); homeLoanSteps = “”; document.getElementById(“calculationStepsHomeLoan”).innerHTML = “
Not calculated yet.
“; } function toggleHomeLoanSteps(){ const s = document.getElementById(“calculationStepsHomeLoan”); const a = document.getElementById(“toggleArrowHomeLoan”); if(s.style.display === “none” || s.style.display === “”){ s.style.display = “block”; a.style.transform = “rotate(180deg)”; s.innerHTML = homeLoanSteps || “Not calculated yet.
“; } else { s.style.display = “none”; a.style.transform = “rotate(0deg)”; } } function formatCurrency(n){ return currencySymbol + n.toFixed(2) + ” ” + fixedCurrency; }This home loan calculator helps you determine your monthly mortgage payment based on the loan amount, interest rate, and loan term in 2021.
- Home loan calculator for 2021
- Mortgage payment estimator
- Home loan affordability tool
- Monthly mortgage payment calculator
Loan Calculation Formula
Monthly Payment = Loan Amount × Interest Rate / (1 – (1 + Interest Rate)^-Loan Term)
Example Calculation
Loan Amount: $200,000, Interest Rate: 3.5%, Loan Term: 30 years → Monthly Payment = $898.09
Why It Matters
Calculating your monthly mortgage payment is crucial to ensure that you can afford the home loan within your budget.
Smart Strategy
Consider adjusting the loan term or interest rate to fit your budget and long-term financial goals.
FAQs
How much can I borrow? Use our home loan affordability calculator to estimate the loan amount you qualify for.
Can I pay off the loan early? Yes, but check for any prepayment penalties with your lender.