Mortgage calculators are programmed with the ad hoc purpose of calculating monthly payments to be done on a mortgage. Such calculators are called mortgage payment calculators. These calculators can also do amortization schedules.

Mortgage payment calculators are different from simple mortgage calculators. They not only compute the interest payable per month, they also split the principal according to the tenure of the mortgage. The payment is usually a sum of the portion of the principal to be paid in that month, along with the interest payable.

Several mortgage payment calculators are freely available online. They need the amount of mortgage taken, current rate of interest and the tenure of the mortgage as inputs. There is a