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.
- r = your monthly interest rate.
- n = number of payments over the loan’s lifetime.
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%.
Therefore, your monthly mortgage payment is $ 35.74.