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## Understanding Monthly Payment Mortgage Calculators

Calculating your monthly mortgage payment is the most basic calculation when it comes to mortgages. You can apply the same calculation for loans. That’s why a mortgage monthly payment calculator is also called a loan payment calculator. To be safe, make sure you stay below forty percent of your net income. For example, 40% of $4,000 comes to a $1,440 mortgage payment.

Here is the mortgage monthly payment formula:

Payment = [P(1 + r)n r]/[(1 + r)n – 1]

Here are the amounts you need:

– P is the principal amount of the loan.

– r stands for interest rate. Since there are twelve months in a year, divide the interest rate by twelve months to get the rate.

– n means the number of payments. In general, multiply the number of years by twelve months.

Suppose you want to know the monthly payment for a 30-year mortgage for $100,000 at a 7% interest rate. The rate equals .00583 which is the interest rate divided by twelve months, while the number of payments equals 360 (30 years X 12 months). You pay a monthly mortgage payment of $665 per month.

Here is the actual calculation:

payment equivalent [$100,000(1 + .00583)360 x 0.00583] / [(1 + 0 .00583)360 – 1]. Your monthly mortgage payment comes to $665.30. By the way, 360 is an exponent.

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