To calculate your mortgage payments, you will need the following information:
- The total loan amount
- The interest rate
- The loan term (the number of years you have to pay off the loan)
- The frequency of payments (monthly, bi-weekly, weekly, etc.)
Once you have this information, you can use the following formula to calculate your mortgage payments:
M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
Where:
M = Monthly payment amount P = Principal, or the total loan amount i = Monthly interest rate (annual interest rate divided by 12) n = Total number of payments (loan term in years multiplied by the frequency of payments per year)
Alternatively, you can use an online mortgage payment calculator to quickly and easily calculate your mortgage payments. There are many free calculators available online, including those provided by banks and mortgage lenders. All you need to do is enter the required information, and the calculator will do the rest for you.