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How to Calculate Monthly Mortgage Payment.
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How to Calculate Monthly Mortgage Payment.

Rosemary Njeri

A mortgage is a loan of money which you get from a bank or building society in order to buy a house.

Monthly mortgage payment may change due to adjustable-rate mortgage changing or changes in taxes, tax assessments, insurance premiums or association fees.

Formula to calculate monthly mortgage payment.

Calculate Monthly Mortgage Payment.
  • r = your monthly interest rate.
  • n = number of payments over the loan’s lifetime.

Example:

Suppose the principle of your mortgage that your supposed to pay for 14 months is $ 500. Calculate your monthly mortgage payment if your monthly interest rate is 0.01%.

Calculate Monthly Mortgage Payment.

Therefore, your monthly mortgage payment is $ 35.74.

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