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math formula for home loan. This formula is conceptually the same with only the PVIFA replacing the variables in the formula that PVIFA is comprised of. Payment P x r n x 1 r nnt 1 r nnt - 1.
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In the formula the number of months will be designated by the letter n What is My Interest Rate. This formula works for a typical mortgage auto loan or personal loan that is fully amortizing which means its payments include both principal and interest and its balance reduces to zero over a fixed term. Old Calculator -- Put Inputs Here.
The payment on a loan can also be calculated by dividing the original loan amount PV by the present value interest factor of an annuity based on the term and interest rate of the loan.
Total Interest Paid Total Monthly Payment Amount of Mortgage. For example use a loan amount of 400000 and a rate of 6 percent. P L c 1 c n 1 c n - 1. This formula works for a typical mortgage auto loan or personal loan that is fully amortizing which means its payments include both principal and interest and its balance reduces to zero over a fixed term.
