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math equation for mortgage payment. Payment P x r n x 1 r nnt 1 r nnt - 1. Total Interest Paid Total Monthly Payment Amount of Mortgage.
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10 10 for M M the monthly payment. P M T P V i 1 i n 1 i n 1 where n is the term in number of months PMT monthly payment i monthly interest rate as a decimal interest rate per year divided by 100 divided by 12 and PV mortgage amount present value. If the quoted rate is 6 for example c is0612 or005.
The formula used to calculate monthly principal and interest payments on a fixed-rate loan in which the rate and therefore payment never changes looks like this.
P M T P V i 1 i n 1 i n 1 where n is the term in number of months PMT monthly payment i monthly interest rate as a decimal interest rate per year divided by 100 divided by 12 and PV mortgage amount present value. The interest rate is 6 per annum or yearly. With algebra that formula is M rP 01 rn 1rn 1 11 11 M r P 0 1 r n 1 r n 1. If the quoted rate is 6 for example c is0612 or005.
