Mortgage Payment Calculator

Clyde Said:

How do I calculate a monthly mortgage payment by using a electronic calculator?

We Answered:

You could also use a payment factor for different interest rates... This will get you in the ballpark...

For 6% interestrate use a factor of 6.0 per $1000 being financed. ie Loan of $100,000( 100 x 6.0= $600) for Principal & Interest on a 30 Yr Fixed.

For 6.25 %use 6.16 as the factor.
For 6.5% use 6.33 as the factor.
For 6.75% use 6.49 as the factor.
For 7.00% use 6.66 as the factor.
For 7.25% use 6.83 as the factor.

This should get you real close to figuring a paymebt but remember that this is just for Principal & interest. Does not include any Taxes & Insurance that may be needed to be added to the payment, Nor does it factor in any PMI.
Hope that helps.

Maria Said:

where can i find a monthly payment mortgage calculator?

We Answered:

There are many of these online, but the best and most friendly I have found is at www.bankrate.com

Simply go there and click on 'calculators' and then choose what suits you best.

Try it out.

Javier Said:

What affect does a larger down payment have on mortgage payments?

We Answered:

if you can put enough down to shortin
up the term, 20-30%...the only time youll ever see what your saving, is on paper before you sign on the dotted line....do the math, see what you can live with, and remember the future.....

Todd Said:

Mortgage calculator that can figure payment period if extra money is applied directly to principle each month?

We Answered:

Yahoo Real Estate has a special calculator that does exactly what you are trying to figure out.

If you do opt to pay money directly on the principal, over and above your monthly payment, I highly suggest you send it separately from your regular payment, or at least on a different check with red letters denoting it as a payment on principal. Otherwise, lenders are known to lump it in with everything else and not give you credit for it as a separate principal payment.

Kyle Said:

Where can I find a mortgage calculator that shows benefit of additional principle payment?

We Answered:

go to realtor.com it has a great mortgage calculator

Rosa Said:

How do you calculate what your mortgage payment will be without using a mortgage calculator?

We Answered:

monthly payment = interest portion + principal portion
m1=12 in us the interest is compounded monthly
(in canada m1=2, interest is compounded semi-annual)
m2=12 payment every month
YR=25
%int=6 percent annual interest
n= m2 * YR = 12 * 25 = 300
int=%int / 100 / m1 = 6 / 100 / 12 = 0.005
INT = (1 + int) ^ (m1 / m2) -1
INT = (1 +0.005) ^ (12 /12) -1 = 0.005
PV = loan = 200,000
F1 = interest portion of mortg
F1 = PV * INT = 200,000 * 0.005 = 1000
F2 = equal monthly payment factor
F2 = 1 - [1 + INT] ^ [ - n ]
F2 = 1 - [1 + 0.005] ^ [ - 300 ]
F2 = 0.77603432
PMT = monthly payment = F1 / F2 = 1000 / 0.77603432
PMT = 1288.60

Sonia Said:

How do you calculate a monthly mortgage payment by hand?

We Answered:

This link shows the formula to amortize a loan "by hand" http://www.frickcpa.com/tvom/TVOM_Amort.…

Microsoft has "templates" you can download for free so you don't have to reinvent the wheel. There are 33 available online at Microsoft through this link http://office.microsoft.com/en-us/templa…

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