# 30 Year Fixed Rate Calculator

## Introduction

Calculating a 30-year fixed-rate mortgage is a crucial step for anyone considering a home loan. To simplify this process, we’ll provide an efficient HTML and JS calculator that adheres to the most accurate formula. Follow the instructions below to utilize the calculator effectively.

## How to Use

1. Input the loan amount in the designated field.
2. Enter the annual interest rate.
3. Specify the loan term (30 years for a fixed-rate mortgage).
4. Click the “Calculate” button to obtain the monthly mortgage payment.

## Formula

The formula for calculating the monthly payment for a fixed-rate mortgage is as follows:

Where:

• is the monthly mortgage payment.
• is the loan amount.
• is the monthly interest rate (annual rate divided by 12 and expressed as a decimal).
• is the total number of payments (loan term in years multiplied by 12).

## Example

Suppose you are seeking a $250,000 mortgage with a 4% annual interest rate for 30 years. Using the formula: The resulting monthly payment would be approximately$1,193.54.

## FAQs

Q1: Can this calculator be used for other loan terms?

A1: No, this calculator is specifically designed for 30-year fixed-rate mortgages.

Q2: Is the formula provided accurate for all scenarios?

A2: Yes, the formula is universally applicable for fixed-rate mortgage calculations.

Q3: Can I use this calculator for commercial loans?

A3: While the formula is accurate, this calculator is tailored for residential 30-year fixed-rate mortgages.

## Conclusion

This HTML and JS calculator simplifies the often complex task of computing monthly payments for a 30-year fixed-rate mortgage. By adhering to the accurate formula and following the instructions, users can quickly obtain the information they need.