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Mortgage Calculation Formula: M = P [ i(1 + i)^{n} ] / [ (1 + i)^{n}
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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:3000000 Interest rate:5% term:30Years Recent user inquiry:
