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what is the formula for calculating a monthly house payment. Calculating a 30-year fixed-rate mortgage is a straightforward task. The standard formula for calculating a monthly mortgage payment is M Pi1i to the nth power divided by 1i to the nth power-1.
Mortgage Calculators Monthly Loan Payment Calculation Online Mortgage Mortgage Interest Rates Free Mortgage Calculator from in.pinterest.com
Spreadsheet programs such as Excel and Google Sheets include a payment function that can calculate the principal and interest on a mortgage. Once you determine your discretionary income divide that number by 12. The monthly payment is 500.
You can certainly calculate a monthly mortgage payment by hand if you want to but the formula is a bit complex.
Lets say you still buy the 200000 house at 390 but the term is 30 years. If you buy a 200000 house with a 15-year fixed-rate mortgage at 390 your monthly payments are 146937 excluding taxes and insurance. Calculating a 30-year fixed-rate mortgage is a straightforward task. In order to find out what your monthly payments might be you can use a mortgage formula or a calculator.
