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what is the formula for calculating monthly mortgage payment. A balloon loan has a much shorter loan term than a regular mortgage typically only five years but the monthly payments are calculated as. P is your principal.
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Payment per Period. Calculate monthly mortgage payments by hand. Then in the cell next to Payment per month B5 for instance enter this formula PMT B2B4B5B10 press Enter key the monthly mortgage payments has been displayed.
Therefore over the entire life of your mortgage you would make 180 payments.
The formula does not differ based on what the money is spent on but only when the terms of repayment deviate from a standard fixed amortization. The rate is divided by 12 to get a monthly rate and the term in years is multiplied by 12 to get the total number of monthly payments nper. Use of Loan Payment Formula. A borrower earns 6000 per month.
