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Fixed Rate Mortgage Payment Calculator
- P = Loan Amount / Principal Amount
- i = Interest rate
- n = no. of years / tenure of payments
Defination / Uses
A mortgage in which the yearly lead and interest payments remain constant throughout the life of the loan. Mortgage is called Fixed Rate Mortgage (FRM).
Currently the borrower (mortgagor) gives the lender (mortgagee) a lien on the property as collateral for the loan. Features of mortgage loans comparable as the size of the loan, maturity of the loan, interest rate, manner of paying off the loan, and other characteristics can vary extensively.
However, it's called as 30 time fixed mortgage rates (FRM), If the fixed rate mortgage is calculated for 30years.However, it's called as 20 time fixed mortgage rate (FRM) and if it's for 10 times, it's called as 10 time fixed mortgage rate (FRM) computation, If it's for 20 times.