**Introduction**

Calculating the payments for a 30-year home loan can be a complex task, but with a well-designed calculator, it becomes a breeze. In this article, we will provide you with a functional HTML and JS code for a 30-year home loan calculator, making the calculation process efficient and accurate.

**How to Use**

Simply enter the loan amount, interest rate, and loan term in years into the respective input fields. Click the “Calculate” button, and the calculator will instantly provide you with the monthly payment amount.

**Formula**

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

$M=P×(+r)n−r(+r)n $

Where:

- $M$ is the monthly payment,
- $P$ is the principal 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 say you have a $250,000 loan amount, a 4% annual interest rate, and a 30-year term.

$M=250,000×(+)30×12−()(+)30×12 $

After performing the calculation, the monthly payment comes out to be $1,193.54.

**FAQs**

**Q: Why is a 30-year term commonly used for home loans?**

A: A 30-year term offers lower monthly payments, making homeownership more accessible. However, it results in paying more interest over the life of the loan.

**Q: Is the provided formula accurate for all types of mortgages?**

A: The formula is specifically for fixed-rate mortgages. Adjustable-rate mortgages have different formulas.

**Q: How does changing the interest rate impact the monthly payment?**

A: Higher interest rates lead to higher monthly payments, and vice versa.

**Conclusion**

Building a 30-year home loan calculator can greatly simplify the process of understanding and planning your mortgage payments. The provided HTML and JS code offers a user-friendly interface for effortless calculations.