Zillow Monthly Payment Calculator

Input Information:

Loan Amount ($):
Annual Interest Rate (%):
Loan Term (Years):
Calculate

Result:

Monthly Payment:

 

Introduction

Calculating monthly mortgage payments is a crucial step for anyone planning to buy a home. The Zillow Monthly Payment Calculator offers a user-friendly way to estimate these payments accurately. This article provides a working HTML and JS code for a calculator using the most precise formula.

How to Use

1. Enter the Loan Amount in the designated field.
2. Input the Annual Interest Rate as a percentage.
3. Specify the Loan Term in years.
4. Click the “Calculate” button to get the monthly payment.

Formula

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

M=P×(1+r)n−1r(1+r)n​

Where:

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

Example

Suppose you are taking out a loan of $200,000 with an annual interest rate of 4% and a loan term of 30 years. The monthly payment can be calculated using the formula mentioned above.

M=200,000×(1+0.04/12)30×12−10.04/12(1+0.04/12)30×12​

Calculating this gives you the monthly payment amount.

FAQs

Q: How accurate is the Zillow Monthly Payment Calculator?

A: The calculator uses the standard mortgage payment formula, ensuring high accuracy for estimating monthly payments.

Q: Can I trust the results for different loan terms and interest rates?

A: Yes, the formula used is universally accepted, providing reliable results across various scenarios.

Q: Are there any additional fees considered in the calculation?

A: The calculator focuses on the basic mortgage payment. Additional fees, such as property taxes or insurance, should be considered separately.

Conclusion

The Zillow Monthly Payment Calculator simplifies the process of estimating mortgage payments, providing users with a reliable tool. By using the precise formula, this calculator ensures accurate results for different loan scenarios.