What is a Mortgage?

A mortgage is a loan specifically designed for purchasing property, where the property itself serves as collateral. The borrower repays the loan with interest over an agreed period.
Monthly Payment Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1]
M = Monthly payment

P = Principal loan amount

r = Monthly interest rate (annual rate / 12)

n = Number of payments (years × 12)
Important Notes

This calculator provides an estimate for fixed-rate mortgages with equal monthly payments. Actual payments may vary based on property taxes, insurance, and PMI.

Consider speaking with a mortgage broker or financial advisor for personalised advice on your specific situation.