Mortgage Calculator Sc

How to Use the Mortgage Calculator SC

This calculator estimates your monthly mortgage payment, total interest, and total payment based on your loan details. It also shows an amortization schedule for the first 12 months.

1. Enter Loan Amount ($): The total amount you plan to borrow (e.g., 300,000). Must be a positive number.
2. Enter Annual Interest Rate (%): The yearly interest rate (e.g., 6.5 for 6.5%). Use a decimal if needed (e.g., 5.25).
3. Enter Loan Term (years): The repayment period in years (e.g., 30). Must be between 1 and 50.
4. Enter Down Payment ($): Optional, but must be less than the loan amount. Defaults to 0 if left blank.
5. Click "Calculate": The results will appear below, showing:
   • Monthly Payment: Fixed amount due each month.
   • Total Interest Paid: Total interest over the loan term.
   • Total Payment: Sum of principal and interest.
6. Review Amortization Schedule: The table shows the first 12 months, breaking down each payment into principal and interest, plus the remaining balance.

Note: All monetary values are in US dollars ($). Ensure all inputs are positive numbers. If you see an error, check that the down payment is less than the loan amount.