Simple / Fixed Rate Mortgage (FRM) Payment Calculator
Mortgage is a loan that is taken to finance the purchase of real estate,
usually with specified payment periods and interest rates.
Here the borrower (mortgagor) gives the lender (mortgagee) a lien on the property as collateral for the loan. Features of mortgage loans such as the size of the loan, maturity of the loan, interest rate, method of paying off the loan, and other characteristics can vary considerably.
M = P [ i(1 + i)n ] / [ (1 + i)n - 1
P = Loan Amount / Principal Amount
i = Interest rate
n = no. of years / tenure of payments