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## Understanding Monthly Payment Mortgage Calculators

Calculating your monthly mortgage payment is the most basic mortgage calculation. You can apply the same calculation to loans. That’s why the monthly mortgage payment calculator is also called the loan payment calculator. To be safe, make sure you stay below forty percent of your net income. For example, 40% of $4,000 equals a $1,440 mortgage payment.

Here is the monthly mortgage payment formula:

payment = [P(1 + r)n r]/[(1 + r)n – 1]

Here are the quantities you need:

– P stands for the principal amount of the loan.

– r stands for interest rate. To get the percentage, divide the interest rate by twelve months because there are twelve months in a year.

– n means the number of payments. Basically, multiply the number of years by twelve months.

Suppose you want to know the monthly payment for a 30-year mortgage for $100,000 at a 7% interest rate. The percentage equals .00583, which is the interest rate divided by twelve months, while the number of payments equals 360 (30 years X 12 months). You pay a $665 monthly mortgage payment per month.

Here is the actual calculation:

The payment is equal [$100,000(1 + .00583)360 x 0.00583] / [(1 + 0 .00583)360 – 1]. Your monthly mortgage payment is $665.30. By the way, 360 is an indicator.

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