**Introduction**

Calculating the monthly payment for a 10 Year Fixed Loan is crucial when planning for long-term financial commitments. In this article, we’ll provide a user-friendly HTML and JS calculator for this purpose. This calculator employs a precise formula to ensure accurate results.

**How to Use**

Simply input the loan amount, interest rate, and loan term, then click the “Calculate” button to get the monthly payment for a 10 Year Fixed Loan.

**Formula**

The formula used for calculating the monthly payment (PMT) is:

$PMT=(+r)n−P×r×(+r)n $

where:

- $P$ is the loan amount,
- $r$ is the monthly interest rate (annual rate divided by 12), and
- $n$ is the total number of payments (loan term in years multiplied by 12).

**Example**

Let’s consider a loan amount of $100,000, an annual interest rate of 5%, and a 10-year term.

$r=120.05 $

$n=10×12=120$

$PMT=(+120.05 )−×(120.05 )×(+120.05 ) $

**FAQs**

**Q: Why is the monthly interest rate calculated as the annual rate divided by 12?**

**A:** The monthly interest rate is derived by dividing the annual interest rate by 12 to convert it into a monthly rate.

**Q: Can this calculator be used for other loan types?**

**A:** No, this calculator is specifically designed for 10 Year Fixed Loans.

**Q: Is the result inclusive of taxes and insurance?**

**A:** No, the result only represents the principal and interest components of the monthly payment.

**Conclusion**

This HTML and JS calculator provides a convenient way to determine the monthly payment for a 10 Year Fixed Loan. By following the simple steps outlined above, users can accurately plan their financial commitments.