1. What is the Mortgage Credit Card Calculator?

The Mortgage Credit Card Calculator helps you determine your monthly payment for combined mortgage and credit card debt. It uses the standard loan payment formula to calculate your fixed monthly payment amount.

2. How Does the Calculator Work?

The calculator uses the standard payment formula:

Where:

• \( P \) — Principal loan amount (USD)
• \( r \) — Monthly interest rate (decimal)
• \( n \) — Number of monthly payments

Explanation: The formula calculates the fixed monthly payment required to pay off a loan with interest over a specified term.

3. Importance of Payment Calculation

Details: Understanding your monthly payment helps with budgeting and financial planning, especially when combining mortgage and credit card debts.

4. Using the Calculator

Tips: Enter the total principal amount, monthly interest rate (as a decimal), and loan term in months. All values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: How do I convert APR to monthly rate?
A: Divide your annual percentage rate (APR) by 12 (for months) and then by 100 to convert to decimal.

Q2: Can I use this for credit card payments only?
A: Yes, this works for any fixed-rate loan including credit card debt consolidation.

Q3: What's included in the principal amount?
A: The principal should include all debt you're consolidating (mortgage balance + credit card debt).

Q4: Does this include taxes and insurance?
A: No, this calculates only the principal and interest payment. Add property taxes and insurance separately for full mortgage payment.

Q5: How accurate is this calculator?
A: It provides precise calculations based on the inputs, but actual payments may vary slightly due to rounding in real-world applications.