**Introduction**

Calculating mortgage payments over a 10-year period can be a complex task, but with the right tool, it becomes a breeze. In this article, we’ll introduce a simple yet powerful 10-Year Mortgage Calculator using HTML and JavaScript.

**How to Use**

To utilize the calculator, input the necessary details such as loan amount, interest rate, and loan term. Click the “Calculate” button to instantly obtain the monthly mortgage payment for a 10-year period.

**Formula**

The formula used for the calculation is the standard formula for calculating monthly mortgage payments:

$M=P⋅(+r)n−r(+r)n $

Where:

- $M$ is the monthly mortgage payment.
- $P$ is the principal loan amount.
- $r$ is the monthly interest rate (annual rate divided by 12 and converted to a decimal).
- $n$ is the total number of payments (loan term in years multiplied by 12).

**Example**

Let’s consider a loan amount of $150,000, an annual interest rate of 4%, and a 10-year term. Plugging these values into the formula, we get:

$r=120.04 $

$n=10×12$

$M=150,000⋅(+)120−(+)120 $

The calculated monthly payment would be the result.

**FAQs**

**Q1: Can I use this calculator for other loan terms?**

A1: No, this calculator is specifically designed for 10-year mortgage calculations.

**Q2: Is the formula used here standard for all mortgage calculations?**

A2: Yes, the formula is widely accepted and used for calculating monthly mortgage payments.

**Q3: Are there any hidden fees not considered in the calculation?**

A3: The calculator focuses on the basic monthly payment and may not include additional fees. Consult with your lender for a comprehensive breakdown.

**Conclusion**

This 10-Year Mortgage Calculator simplifies the process of estimating monthly payments. By inputting the required details, users can swiftly obtain accurate results. It provides a valuable tool for individuals planning their finances over a 10-year mortgage term.