R - the monthly interest rate. Note that the carat indicates that youre raising a number to the power indicated after the carat. See a breakdown of your monthly and total costs including taxes insurance and PMI.
Use this simple formula to calculate your monthly mortgage payments using the values you previously calculated.
P B r12 1 r12m 1 r12m - 1. Use this simple formula to calculate your monthly mortgage payments using the values you previously calculated. Use our free mortgage calculator to quickly estimate what your new home will cost. P is your principal.