![]() ![]() If your interest rate is 4.25%, divide 0.0425 by 12 to find your monthly rate: 0.00354166%. The lender provides the yearly interest rate, so divide that rate by 12 for this equation. This is different than the interest rate you see on your mortgage documents. Prefer to do it by hand? You can calculate your monthly mortgage payment (excluding property taxes and insurance) using the following equation: You may see this full mortgage payment amount referred to as "PITI." How to calculate a mortgage payment If you made a small down payment or you have an FHA mortgage, a small portion of your monthly payment will also go toward a mortgage insurance premium, which protects the lender. ![]()
0 Comments
Leave a Reply. |