FAQs on Simple Mortgage Calculator

• Q1: What is a mortgage calculator?

A mortgage calculator helps you determine monthly payments based on loan amount, interest rate, and tenure.

• Q2: How do I use a mortgage calculator?

Enter your loan amount, interest rate, and loan tenure to calculate your monthly EMI.

• Q3: What are the factors affecting my mortgage payments?

The loan amount, interest rate, and loan tenure are the key factors that affect mortgage payments.

• Q4: Can I pay off my mortgage early?

Yes, you can make extra payments to reduce the principal balance, thus reducing the interest paid over time.

• Q5: What is an EMI?

EMI stands for Equated Monthly Installment, the fixed amount you pay monthly towards your mortgage.

• Q6: How is my mortgage interest calculated?

Interest is calculated based on the outstanding loan balance and the interest rate applied by the lender.

• Q7: What is a fixed-rate mortgage?

A fixed-rate mortgage has the same interest rate for the entire term of the loan.

• Q8: What is an adjustable-rate mortgage?

An adjustable-rate mortgage has an interest rate that changes periodically based on market conditions.

• Q9: Can I change my mortgage payment schedule?

Yes, you can negotiate with the lender to change the payment frequency (monthly, quarterly, etc.)

• Q10: What happens if I miss an EMI payment?

Missing an EMI can result in penalties, a higher outstanding balance, and possible legal actions from the lender.