Uses:- When purchasing a new home, most buyers choose to finance a portion of the purchase price via the use of a mortgage. There are many other things which also should be considered. It was a very basic and simple program for the Mortage calculator which was only calculating the monthly payment amount. Payment = calculator(principle, rate, time) create Scanner class object to read input The input values will be taken from the end-user and result will be displayed to the screen.
Simple mortgage calculator code#
Now let us see a Java program to see the code for basic Mortgage calculator using method. Java Program for Mortgage Calculator using Method To calculate the power of a number we will use the pow() method of the class. Similarly, the time period is also given in the form of years, which also should be converted into the months using the formula:- time = time * 12 Therefore we must covert rate for monthly basis using the formula:- rate = (rate/100)/12 The input value for the rate will be taken in the form of percentage rate per the entire year, but we require this on a monthly basis. Public static double calculator(double principle, double rate,ĭouble payment = principle * ( (rate * Math.pow(1+rate, time)) Java Method for Mortgage Calculator // method for Mortgage calculator More complex calculators can take into account other costs associated with a mortgage, such as local and state taxes, and insurance. The major variables in a mortgage calculation include loan principal, balance, periodic compound interest rate, number of payments per year, total number of payments and the regular payment amount, and e.t.c. What is the monthly payment? The monthly payment is 2015.6, and the total interest payable is 42,676.46.
Simple mortgage calculator plus#
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