Use the outstanding loan balance as the new loan amount. Follow the steps below for a detailed guide to using this formula or refer to this quick explanation of each variable. Heres a quick look at the formula to calculate a monthly mortgage payment on a loan amortized over a certain number of months.
Interest rate of the loan.
To help calculate your monthly mortgage payment enter a loan term up to a maximum of 30 years. Choose a loan term. Type Balance in cell A1 Interest rate in cell A2 and Periods in cell A3. The next step is plugging numbers into this loan payment formula based on your loan type.