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How to Calculate Mortgage Interest.
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How to Calculate Mortgage Interest.

Rosemary Njeri

Mortgage interest is the interest charged on a loan used to purchase a piece of property.

It is calculated as a certain percentage of the full mortgage loan and it is compounding.

Interest on your mortgage is generally calculated monthly.

Formula to calculate mortgage interest.

Calculate Mortgage Interest.

Example:

Suppose its your third month to pay your mortgage loan and your outstanding loan amount is $ 150,000, calculate your mortgage interest if your interest rate p.a is 5%.

Calculate Mortgage Interest.

Therefore, your mortgage interest is $ 625.

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