Home » mortgage payment calculator » How do I calculate a monthly mortgage payment by using a electronic calculator?

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1. 

   2-8-12

   MVD34 says:

   Why botter?

   See link below.
   References :
   http://www.bankrate.com/brm/mortgage-calculator.asp

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2. 

   2-8-12

   BrokerPro says:

   You would need a mortgage calculator or mortgage function to figure an amortized payment- there are many online, here is a link to one online: http://www.bankrate.com/brm/mortgage-calculator.asp
   You can figure an interest only payment by multiplying the (p)rincipal amount times the interest (r)ate and divide by 12 to get the monthly (i)nterest only payment. (P x R)=I/12
   References :

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3. 

   2-8-12

   Ian C says:

   You could also use a payment factor for different interest rates… This will get you in the ballpark…

   For 6% interestrate use a factor of 6.0 per $1000 being financed. ie Loan of $100,000( 100 x 6.0= $600) for Principal & Interest on a 30 Yr Fixed.

   For 6.25 %use 6.16 as the factor.
   For 6.5% use 6.33 as the factor.
   For 6.75% use 6.49 as the factor.
   For 7.00% use 6.66 as the factor.
   For 7.25% use 6.83 as the factor.

   This should get you real close to figuring a paymebt but remember that this is just for Principal & interest. Does not include any Taxes & Insurance that may be needed to be added to the payment, Nor does it factor in any PMI.
   Hope that helps.
   References :
   Loan Officer

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