how do i figure mortgage payments?
August 30, 2008 · Print This Article
markam132 asked:
i used to have a card from a realtor to do this but have lost it.if you are going to tell me to use a mortgage calculator don’t waste my time i know how to do this.how is the payment figured multiplying the loan amount by interest rate to give you the monthly payment?
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i used to have a card from a realtor to do this but have lost it.if you are going to tell me to use a mortgage calculator don’t waste my time i know how to do this.how is the payment figured multiplying the loan amount by interest rate to give you the monthly payment?
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
The monthly payment can be found by using the following formula:
P = (Pv*R) / [1 - (1 + R)^(-n)]
where
Pv = Present Value (beginning value or amount of loan)
APR = Annual Percentage Rate (one year time period)
R = Periodic Interest Rate = APR/ # of interest periods per year
P = Monthly Payment
n = # of interest periods for overall time period (i.e., interest
periods per year * number of years)
If you’re familiar with Excel, you can also use the PMT function to
get the monthly payment.
One of sites below will help you
This site has a good resource for finding mortgage formulas.