# Mortgage Calculator

## Mortgage Payment Calculator

or

or

• Monthly Payment:

## Mortgage Concept

### Definitions - Mortgage

#### Mortgage

Mortgage can be called as a debt instrument. That is there is an obligation for burrowers to pay back payments which is predetermined [1].

#### Mortgage Amount

This is the amount you will pay for some years. For instance, this value can be the value of the home which you want to buy.

#### Down Payment

Down payment is defined as an initial payment while you are buying something on credit.

#### Loan Term

This is the number of months or years you will be paying the loan [2].

#### Annual Interest Rate

This is the annual interest rate of mortgage loan.

### Mortgage Calculator - Example

Suppose we have a $200000 mortgage loan, and suppose it has the following properties: Mortgage Amount =$200000

Down Payment = $20000 Loan Term = 15 years ( number of years you will pay loan) or 180 months Annual interest = 6% Then your estimated monthly payment =$1518.942