What is the mortgage payment?
To calculate the monthly payment on a mortgage loan use the formula:
c = Monthly Payment
r = Monthly Interest Rate (in Decimal Form) =
(Yearly Interest Rate/100) / 12
P = Principal Amount on the Loan
N = Total # of Months for the loan ( Years on the loan x 12)
Example: Monthly mortgage payment for 30 year fixed-rate loan,
with a principal of $250,000, and a yearly interest rate of 6.5%:
r = (6.5 / 100) / 12 = .005416667
P = 250,000
N = (30 x 12) = 360
The Monthly Mortgage Payment is $1580.17
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