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what is the formula to calculate monthly mortgage payment. If considering a 30-year mortgage 12 payments a year times 30 years equals 360 total payments. PMTdfracPVi1in1in-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.
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100000 x 06 12 x 1 06 1212 30 1 06 1212 30 - 1 100000 x005 x 6022575 5022575. To calculate the monthly interest take the annual rate and divide it by 12. In order to calculate the monthly payment we can rely on a relatively simple equation.
To do so divide the decimal interest.
The payment depends on the loan amount the loan term and the interest rate. If considering a 30-year mortgage 12 payments a year times 30 years equals 360 total payments. Heres a quick look at the formula to calculate a monthly mortgage payment on a. Calculate Monthly Interest RateNext determine the monthly interest rate.
