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# Habitat For Humanity Mortgage Calculator Online

If you’ve ever explored the prospect of owning a home through Habitat for Humanity, you might be familiar with their unique approach to mortgage. Unlike traditional home loans, Habitat for Humanity offers a 0% interest mortgage to the families they partner with. This makes calculating monthly payments slightly different from your usual mortgage calculations. A Habitat for Humanity Mortgage Calculator is designed specifically to handle this unique case. Let’s explore how it works.

## The Mortgage Calculation Formula

Traditional mortgage calculation can get complicated due to factors such as interest rate and the type of the mortgage. However, Habitat for Humanity’s mortgages come with a 0% interest, simplifying the process significantly. The formula for monthly payment calculation boils down to:

`Monthly Payment = Principle Amount / (Mortgage Term in Years * 12)`

In this equation:

• Principle Amount is the total loan amount you need to pay off.
• Mortgage Term is the duration of the loan in years.

The denominator (Mortgage Term in Years * 12) calculates the total number of months for which you need to make payments.

## Working of the Habitat for Humanity Mortgage Calculator

Here’s a simple example to illustrate how the calculator works:

1. Input Principle Amount: The user begins by entering the principal amount of the mortgage. Let’s assume it is \$60,000.
2. Input Mortgage Term: Next, the user inputs the term of the mortgage. Let’s assume it’s 15 years.
3. Calculate: When the user clicks on the ‘Calculate’ button, the calculator takes the input values and applies the formula mentioned above. Here it would calculate \$60,000 / (15 * 12) = \$333.33.
4. Display Result: The calculator then displays this result as the monthly payment.
5. Reset: The calculator also includes a ‘Reset’ button, which, when clicked, clears all the input and output fields, allowing the user to start over.