Mortgage Calcularor, Loan Monthly Payment Calculator
|This is a quick and easy way to calculate your monthly mortgage payments for any type of mortgage, The calculator can also calculate total interest and total payment to help you make the right decisions. Work out the monthly payments for any fixed-rate loan. Just enter the amount and terms.|
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Mortgage Calculation Formula: M = P [ i(1 + i)n ] / [ (1 + i)n
|For our $150,000 mortgage at 6.5% compounded monthly for 20 years, we would first solve for i as
i=0.065/12=0.065=0.00542 and n as 12 x 20=240, monthly payments M=150000X[0.00542X(1+0.00542)240]/[(1+0.00542)240-1]=1118.36.
For the most part every mortgage is calculated based on this traditional formula. It takes into account the fact that mortgages use compounding interest instead of simple interest.
Replace your old car? Want a loan to make some home improvements? Or simply consolidate all your debts into one manageable monthly payment? Determine the minimum income you’ll need and compare monthly payments, then you'll find the right type loan for you.
Top Use: Mortgage Calculator - Amount:1500000 Interest rate:4.5% term:15Years
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