Calculate Your Monthly Mortgage Using Python

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Let’s create a Python program that calculates the monthly mortgage payment. This program will take inputs such as loan amount, interest rate, and loan term, and calculate the monthly payment amount based on the provided information. Here’s the code:

def calculate_monthly_payment(loan_amount, interest_rate, loan_term):
    # Formula for calculating the monthly mortgage payment:
    # M = (P * r * (1 + r)^n) / ((1 + r)^n - 1)
    # Where:
    # M = monthly payment
    # P = loan amount
    # r = monthly interest rate
    # n = total number of monthly payments

    # Converting interest rate to monthly rate
    monthly_interest_rate = interest_rate / 100 / 12

    # Converting loan term to total number of monthly payments
    total_payments = loan_term * 12

    # Calculating monthly mortgage payment
    monthly_payment = (loan_amount * monthly_interest_rate * (1 + monthly_interest_rate) ** total_payments) / \
                      ((1 + monthly_interest_rate) ** total_payments - 1)

    return monthly_payment

print("Welcome to the Mortgage…