Currently I use a mortgage calculator to figure out my...

Answer by meesau
Submitted on 7/10/2005
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its easy to figure out. first you Take the interest rate for example lets say 1.9% divide that by 1200.You really need a scientific calculator with a memory to do this.first save the result of this in your memory. Then add a 1 to it. When you get the sum of that square it by the terms of the mortgage example say a 30 year mortgage is 360 months, then minus a 1 from the result of that. Then save the result of that into memory also. Then take the first result you saved divide that by the second result you saved, when you get the answer to that then add the first result you saved in your memory to that. The answer of that then you multiply the amount of money you are borrowing for example $200000.00 dollars the product of that is your monthly payment. I may not have explained it perfectly but it works try it a few times Fred it took me a month to actually just find the formula for that but I also like to know how things are done also. Well hope u understand this good luck

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Question by Fred
Submitted on 10/2/2003
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Currently I use a mortgage calculator to figure out my mortgage payments. Does any body know the formula from which one could derive a mortgage payment based on the duration, interest, and loan amount on a standard 30/15 yr mortgage with a fixed interest rate? I want to learn to do this w/out the use of a mortgage calculator.

Answer by Billy Waggens
Submitted on 2/13/2005
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Use the PMT function within Microsoft Excel.

Answer by donna
Submitted on 5/4/2005
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create a new account

Answer by Chris
Submitted on 5/27/2007
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How to calculate a mortgage payment without a calculator?

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